NEWSFLASH

---

STOCKS RISE, PESO GAINS 27 CENTAVOS

Manila, Dec. 24, 1997 - The Philippine Stock Exchange yesterday defied regional developments, with the index closing 28.96 points higher at 1,887.18.

Only the banking and financial sector closed on the downside. The rest of the sectors posted gains.

But analysts say the weak peso may drag down the equities market very soon, and that the heavy demand for blue chip stocks which lifted the market is only a last-minute window dressing.

Most actively traded stocks were Meralco A and B, Ayala Corporation, SM Prime Holdings, San Miguel B, Metrobank and Ayala Land B.

Meanwhile, the peso gained 27 centavos, averaging in heavy trading at P39.859.

---