NEWSFLASH

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STOCKS GAIN 2.55 PERCENT

Manila, Nov. 18, 1997 - A foreign group's interest in buying large blocks of San Miguel Corporation stocks sparked a rally at the Philippine Stock Exchange, boosting the market to end 47.12 point up, or 2.55%, to close at 1,892.07 points.

Despite the rise in the Phisix index, the trading was slow, with only P951 million worth of shares sold, a far cry from Friday 's P3.7 billion.

Friday's increase was brought about by a cross sale of P2.5 billion worth of San Miguel A shares which verified rumors that a foreign group was buying into San Miguel Corporation. The rumor mill, and newspaper columnists, have circulated reports that First Pacific Co is set to buy a 20 percent stake in San Miguel from Eduardo Cojuangco, former business associate of the late President Ferdinand Marcos.

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