NEWSFLASH

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STOCKS UP 5.68% ON GOOD NEWS

Manila, Jan. 21, 1998 - Stock prices soared, with the Philippine Stock Exchange index gaining 95.26 points, or 5.68% on heavy trading of Meralco and PLDT shares.

The Phisix index closed at 1,771.89 as investors' optimism was fuelled by the strengthening of the region's currencies and the commitment of troubled Asian nations to the reforms set by the IMF.

More positive news that affected the market were: the agriculture sector's positive growth rate of 3.03% last year, and the expectations of easing interest rates.

Meralco "B" shares gained 4.61% to P144, while PLDT climbed 2.35% to P870. Transactions on the two blue chips accounted for about 44% of the market's total turnover of P1.78 billion.

Property shares gained, too, with Belle Corporation and SM Prime Holdings as the third and fourth most actively traded issues, accounting for 15% of the total market volume.

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