OVERSEAS RISE PULLS PHISIX UP
Manila, Nov. 27, 1997 - Good news from Wall Street moved the Philippine Stock Exchange index up yesterday, overriding persistent concerns about the Asian financial crisis.
Market analysts said investors totally ignored the announcements of APEC leaders in Vancouver about an Asian Fund to bail out countries affected by the currency crisis.
The Phisix index closed at 1,799.39, a gain of 4.04 point or 0.2%, in very light trading. Volume fell to 1.155 billion shares worth P752.8 million. Banks and financial services sectors went up; mining and property sectors were down. Metropolitan Bank rose P5 to P285 while PLDT gained P15 to close at P870 after news of phone rates increases.
Reported by: Sol Jose Vanzi
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