NEWSFLASH

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STOCK MARKET CRASHES, PESO RISES

Manila, Oct. 24, 1997 - The stock market sank to its lowest levels in 50 months, pulled down by the crash of the Hong Kong bourse.

The Phisix index closed 96.06 points lower at 1,832.91, and at one point even dipped lower at 1,809.82. Only a flurry of day-end bargain-hunting kept the market from closing 100 points lower.

Losers swamped gainers 128-8. Turnover reached P1.68 billion, with 2.3 billion shares changing hands.

The peso, meanwhile, averaged at P34.519 to the dollar, 12.7 centavos higher than it did Wednesday. Analysts said the demand for dollars seemed to have lessened amid expectations of a surge in dollar remittances from Overseas Contract Workers.

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