NEWSFLASH

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OPTIMISM PUSHES SHARES UP

Manila, Jan. 29, 1998 - Shares closed higher despite the central bank's move to raise overnight borrowing rates from 12 to 14% which raised the possibility of higher borrowing cost.

The Phisix index closed 2.33 points higher at 1,733.1 points, with gainers beating losers 51 to 46.

The peso's renewed strength is largely credited for the steady performance of the stock market, which was further boosted by optimistic expectations on the 1997 performance reports of pace setters PLDT and Meralco.

Confidence in the economy remained upbeat, said Ricky Lozari of Angping Associates Securities. "Economic growth in 1997 may turn out to be better than expected after the agricultural sector reported growth of more than 3% despite the drought brought about by El Nino," Lozari said.

PLDT rose P10 to close at P930; Meralco A and B both gained P1.

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