P.M. BRIEFING : Manila Traders Fear New Coup
Philippine share prices plunged again today, with the main Manila Stock Exchange composite index ending 3.7% lower, as a threat of a new military coup attempt unnerved investors.
The index has fallen 19.4%, or 255.32 points, to 1,062.54 over the four days since the market reopened. It was shut last week by the attempted army coup bid that paralyzed Manila’s Makati business district.
Brokers said nervous investors continue to sell actively. The index slipped 40.74 points today.
The opposition newspaper Newsday published a letter today by the Philippines’ most-wanted rebel soldier, cashiered Col. Gregorio (Gringo) Honasan, in which he said there would be a new coup soon directed against President Corazon Aquino.
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