NEWSFLASH

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PESO, STOCKS DOWN

Manila, Feb. 8, 1998 - The peso lost 29 centavos at the last day of trading for the week, averaging P40.90 to $1, compared with Thursday's P40.61 to the dollar.

Foreign exchange traders had already projected a correction in the peso-dollar exchange rate as here appeared some resistance for the peso's fall below the P40 to $1 level.

At the Philippine Stock Exchange, share prices closed generally lower Friday. But gains in San Miguel allowed the index to recover its early loses.

The composite index closed 12.37 points lower, at 2,036.82 points. Turnover was high, at P2.66 billion.

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