NEWSFLASH

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STOCKS LEAP 3.8%

Manila, Jan. 15, 1998 The stock market rallied big yesterday, staging its most significant gains in more than a month.

The Philippine Stock Exchange Index gained 58.02 points, or 3.8 percent, to close at 1,59.99 in a day dominated by 88 gainers to 24 losers.

The rally was caused by overseas buyers and triggered by the peso's rise against the US dollar while other Asian currencies continued to deteriorate.

Metrobank, the Philippines' largest bank, rose 6.6%, gaining P13 to close at P210. Other banks also rallied: PNB gained P3 to P83, PCIB rose P2 to P90, BPI climbed P1.50 to P70.50 and Union Bank rose P0.50 to P16.50, while Phil Savings Bank gained P1 to P11.50.

The Ayala group gained for the second day, with Ayala Corp climbing P0.75 to P14 and Ayala Land rising P0.25 to P13.50.

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