PESO, STOCKS SURGE AS INDONESIANS CANCEL PROTEST
Makati City, May 22, 1998 - The Philippine currency bounced back Wednesday, and the stock market rallied following the cancellation of a massive anti-government protest rally in Indonesia.
The exchange rate averaged P39.009, with the peso gaining strength after falling to P39.626=$1 last Tuesday.
The stock market rally was in response to the improving situation in Indonesia, and shares rose for the first time in five days.
The Phisix index jumped by 31.38 points to 2,100.29, with gainers outnumbering losers 55 to 28. Turnover consisted of 592 million shares valued at P988 million, with all sectoral indices posting gains, except for the oil sector.
Reported by: Sol Jose Vanzi
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