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By Nasdaq News

Muslim extremists have abducted a Filipino- Chinese businessman in the southern Philippines in the latest in a rash of abductions in the area, police said Monday.

Peter Go, 28, was closing his electronics store on Jolo island late Saturday when four armed men accosted him, disarmed his security guard and fled in a waiting van, said regional police chief Senior Superintendent Julasirim Kasim.

Police pursued the kidnappers but lost them in Indanan town, a known haunt of the Abu Sayyaf, a Muslim extremist group that Washington has linked to the al- Qaida terrorism network.