STOCKS LOWER, PESO OPENS HIGHER
Manila, Nov. 22, 1997 - Philippine stocks closed generally lower yesterday, hit by disappointing news of third quarter earnings which suffered from the peso's depreciation.
The Philippine Stock Exchange index was pulled won to 1,849.67, a loss of 23.08 points.
Some brokers say positive news from Wall Street was offset by reports of a budget deficit for the first 10 months of the year from a surplus for the same period last year.
Meanwhile, the peso opened higher yesterday due to prospects of more remittances from overseas Filipino workers which will continue to the end of the year.
The peso opened trading at P34.63 to the dollar, from Thursday's close of P34.81. Central bank intervention was not visible in the early hours of trading.
Reported by: Sol Jose Vanzi
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