NEWSFLASH

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STRONG PESO PULLS UP SHARES

Manila, Jan. 28, 1998 - Share prices ended higher in all sectors, lifted by the recovery of the peso against the US dollar and the stability of other regional currencies.

The Philippine Stock Exchange composite index gained 26.75 points, or 1.57 percent, to close at 1,70.82 points, with gainers outpacing loser 56 to 38.

Value turnover was P1.71 billion on trading of 1.56 million shares.

A trader pointed out that market players are starting to switch their investments to high earning speculative plays on mining and oil stocks.

The mining sector posted the biggest gain of 14.52%, while the oil index surged 6.98%.

Notable gainers were Island Mining (45.45%0, Apex Mining (41.67%), United Paragon Mining (29.03%), Philodrill Corp. (26.67%), Atlas Consolidated (25%), Abra Mining (25%), Anglo Philippine Holdings (21.43%) and Vulcan Industrial and Mining Corp. (21.21%).

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