P. M. BRIEFING : Revolt Hurts Philippine Fund
The army revolt against the Philippine government has eroded investor confidence in the new First Philippine Fund, driving it down sharply today for the second straight day.
Shares of the fund, inaugurated only three weeks ago, fell 87.5 cents to $14.125 in active New York Stock Exchange trading. The stock lost $1.25 Thursday on news of the coup attempt.
Philippine President Corazon Aquino visited New York on Nov. 8 for the start of trading in the fund, making her the first head of state to inaugurate a stock issue in the history of the Big Board.
The fund ran up after the offering.
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