Share prices recover ADB says Asian
sell-off a short-term phenomenon
SHARE prices recovered yesterday, gaining
almost half of the 7.92 percent loss it suffered on Wednesday.
The 4 percent gain of the Philippine Stock
Exchange index from 3,067.45 to 3,190.12 at yesterday’s close
made the local stock market the recovery leader in the region.
Indonesian stocks gained 1.06 percent and Thai stocks 0.75
percent.
While Wall Street recovered overnight, Asian
stocks generally extended losses with most investors still edgy
after many markets suffered their worst one-day drops on
Wednesday since the Sept. 11, 2001 attacks.
Manila survey places Senate
race at 7-5 for the opposition
Erap: Manila will go GO
BY DENNIS GADIL
THE Genuine Opposition (GO) and even its
symbolic leader, President Joseph Estrada, yesterday expressed
confidence the administration could not overtake the GO slate’s
lead shown in a February survey of Pulse Asia in Manila.
The survey was conducted in the six districts
of Manila from February 10 to 12.
"As Manila goes, so does the nation," Estrada
said in a statement distributed at the GO headquarters in
Mandaluyong City.
PRESIDENT Arroyo yesterday said the
Philippines will not be pulled back by the global stock market
dive because its growth is firmly rooted on sound fiscal
policies, good governance, blossoming enterprises at the
grassroots and the growing remittances of overseas workers.
"The world markets may go up and down, but
the Philippine economy can no longer be pulled back," Arroyo
said in a statement.
If the earnings of the more than eight
million OFWs are factored in, she said, the result is "a solid
picture of economic stability relatively impervious to the
vagaries and glitches in the world economy."
