| 1. | Telefonica did not give a quarterly figure for its Argentine operations.
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| 2. | Ancochea said Telefonica shares are trading at double their 1990 price.
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| 3. | In November, Airtel won the bidding to compete with Telefonica.
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| 4. | Airtel is Telefonica's first direct competitor in telephone services.
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| 5. | Telefonica also offers cellular telephone and paging services, cable television.
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| 6. | Telefonica accounted for two-thirds of today's volume.
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| 7. | Telefonica de Espana SA fell 25 pesetas to 2, 230.
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| 8. | Telefonica closed down 0.69 percent at 5.73.
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| 9. | The market was dragged lower by strong selling pressure on Telefonica.
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| 10. | Telefonica gains were offset by continued worries about the sluggish economy.
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