NEWSFLASH

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PESO UP BY 32 CENTAVOS, STOCKS LOSE 17.70 POINTS

Manila, Nov. 25, 1997 - The Philippine currency and the stock market reacted differently to the economic developments of the day.

The closure of Yamaichi Securities, one of Japan's largest stock brokerages, sent skittish investors cashing in their gains, causing the Philippine Stock Exchange index to close 17.70 points lower at 1,831.97. Another big factor was the announcement of poor 3rd quarter earnings of listed corporations.

Losers outnumbered gainers 71-29, and a total of 1.72 billion shares were traded, valued at P1.11 billion. The property sector suffered the biggest loss. C & P Homes. The largest in the industry, fell 5.7% to P2.32. Filinvest Land fell 8.1% to P2.04.

Meanwhile, The Philippine peso traded at P34.241 to the dollar, gaining 32.8 centavos from Friday's rate.

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