NEWSFLASH

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PESO, STOCKS IN CORRECTIVE SLUMP

Manila, Jan. 23, 1998 - Share prices dropped yesterday, breaking a two-day rising spree and giving in to pressure from a dipping peso and other regional currencies.

The Philippine Stock Exchange index shed 18.59 points, or 1.05%, to close at 1,755.27 points.

Meanwhile, the peso lost 27 centavos to the dollar, averaging yesterday at P41.90=$1 during a day marked by heavy demand for the American currency. Volume of transactions at the Philippine Dealing System reached $281.2 million.

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