NEWSFLASH

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STOCKS STAGE DRAMATIC COMEBACK

Manila, Oct. 30, 1997 - Philippine stocks rallied strongly yesterday, reacting positively to a stronger peso and the rebound of the Dow Jones on Wall Street.

The Philippine Stock Exchange index closed 73.97 points higher at 1,814.15. Gainers outnumbered losers 86 to 26. A total of 985 million shares were traded worth P1.73 billion. Analysts were disappointed by the low volume of transactions.

Most traded stocks were PLDT (up 12.58% to P850), Meralco B (up 4.95% to P106), Metrobank (up 4.90% to P267.50), Belle Corporation (up 3.17% to P3.25) and Ayala Land B (up 1.82% to P14).

Topping the gainers were Solid Bank (up 50% to P195), Belle Corp Warrant (up 50% to P0.003), Mabuhay Holdings (up 24.19% to P0.77) and SM Development Corporation (up 12.86% to P0.79).

Major losers were Keppel Holdings (down 37.50% to P1.50), Negros Navigation (down 30.23% to P1.20), PNB Warrant (down 16.67% to P3.50), Balabac Holdings and Resources (down 12% to P0.44) and Itogon-Suyoc Mines (down 10% to P0.027).

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