NEWSFLASH

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DOW CRASH PULLS DOWN RP SHARES

Manila, Oct. 29, 1997 - Panic selling caused by the Dow's 554-point plunge overnight dragged down share values across the board.

The Philippine Stock Exchange index lost 117.16 points and closed at 1,740.18, the lowest in four years.

Losers swamped gainers 118 to six. Volume of shares traded reached 1.38 billion for a value turnover of P1.87 billion. The value of turnover could have been greater, according to analysts, if foreign fund managers had not limited their exposure in the local market.

Most traded stocks were PLDT (down 11.18 percent to P755), Meralco B (down 3.81 percent to P101), Metrobank (down 8.11 percent to P255) and Ayala Land B (down 5.17 percent to P13.75).

Bucking the trend were gainers Negros Navigation (up 43.33% to P1.72), F&J Prince Holdings (up 36.36% at P1.50) and Philcomsat Holdings (up 10 percent to P2.20).

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