STOCKS AT FIVE-YEAR LOW, PESO STRONGER
Manila. Jan. 11, 1998 - Prevailing fears of recession pulled down the Philippine Stock Exchange index by 137.85 points, or 8.32% to close at 1,518.00 with share prices tumbling to five-year lows.
Decreased demands for dollars, on the other hand, caused the peso to appreciate for the second straight day. From a weighted average of P44.983 to the dollar Thursday, the peso gained 42.4 centavos to average P44.558 to a dollar yesterday.
It closed even lower, at P44.30=$1, prompting analysts to predict a stronger peso when the Philippine Dealing System opens Monday.
Reported by: Sol Jose Vanzi
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