NEWSFLASH

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STOCKS SOAR ON INVESTOR CONFIDENCE

Manila, Feb 1, 1998 - Stocks yesterday reached their highest marks since 1990, with investors convinced that the Philippines will recover ahead of its neighbors.

Boosting the positive outlook was the 12.4% rise of PLDT shares in the New York Stock Exchange, which sent local buyers in a frenzy, pushing PLDT shares by P125 to P1045, its biggest gains in 9 years. PLDT, with its dollar earnings from international calls, is considered by experts as one of the safest investments in a time of currency uncertainty.

The Philippine Stock Exchange index rose 8.4%, or 151.33 points to 1,948.01, its highest in seven weeks. Total gains for the bourse this week -- 14.3%.

Trading yesterday was a hefty P2.85 billion, the highest since December 23, with foreign funds predominant in the transactions. Gainers drowned losers 108 to 16.

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