NEWSFLASH

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STOCKS FALL ACROSS THE BOARD

Manila, Jan. 8, 1998 - Share prices fell across the board yesterday as panic swept investors when the peso plunged sharply against the US dollar.

The Philippine Stock Exchange index lost 52.24 points or almost 3%, to 1,820.60 with analysts expecting more drops because of continued pessimism in the market.

Other factors that dragged down share prices are high interest rates and a higher inflation rate for the year.

Of 136 shares traded, 96 were losers and only 15 were gainers. PLDT led the few heavyweight gainers, rising by P30 to P945 owing to its strong showing on Wall Street. The other gainers were Petron, Aboitiz and Benpres.

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