NEWSFLASH

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MARKET CORRECTION PULLS DOWN SHARES

Manila, Dec. 11, 1997 - The stock market yesterday was briefly dragged down by bouts of profit taking, but a last-minute surge of foreign buying enabled the bourse to bounce back and end the day with only a 6-point drop.

The Philippine Stock Exchange index closed 6.66 points lower at 1,972.64, with a total of 1.046 billion shares traded valued at P2.65 billion.

Property shares bucked the downtrend, with Ayala Land B up 1.61% to P15.75, C&P Homes up 6.56% to P2.60 and SM Prime Holdings up 3.28 to P6.30.

The correction broke the market's 8-day winning streak, and came as no surprise to many traders.

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