1.   As concerns about the financial health of banks mount, foreign funds may unload Philippine stocks and bonds and convert their proceeds to dollars.

2.   A slew of disappointing earnings from manufacturing and telecommunication companies last week caused foreign fund managers to reduce the amount of Philippine stocks they hold.

3.   A slew of disappointing earnings from manufacturing and telecommunication companies last week caused foreign fund managers to reduce their weightings on Philippine stocks.

4.   Added to that was a decline by debuting Asiatrust Development Bank, which signalled that all is not well for Philippine stocks.

5.   After a short-lived drop, Philippine stocks, peso and Brady bonds recovered even before the broken windows in the Makati financial district were repaired.

6.   Expectations that the peso has bottomed out would also encourage foreign investors to buy Philippine stocks and bonds.

7.   Foreign funds fearing the country is another Thailand waiting to happen have been dumping Philippine stocks.

8.   Foreign investors convert proceeds from the sale of Philippine stocks into their home currencies, weakening the peso.

9.   Fund managers in Malaysia and Singapore, many of whom trade Philippine stocks, were off today observing the Lunar New Year holiday, brokers said.

10.   In Manila, Philippine stocks fell to seven-month lows and Indonesian stocks plunged to their lowest since late May.