Korean markets up 4% in early Sat Trading. Closed up 2.61% See article below.
It looks like those Jan 55 calls might be the way to go on Monday. Ramsey I sure hope your wish list doesn't get filled! (I own many of the stocks you mentioned and would not be thrilled parting with them at those prices.)
S.Korea pledges to uphold IMF deal amid protest
Reuters, Saturday, December 13, 1997 at 04:56
By Yeom Yoon-jeong
SEOUL, Dec 13 (Reuters) - South Korea's President Kim
Young-sam and the country's main presidential candidates vowed
on Saturday to uphold a deal with the International Monetary
Fund (IMF) for a record-breaking $57 billion bailout package.
But about 1,000 angry protesters staged separate rallies in
downtown Seoul, demanding the government renegotiate the IMF
deal and punish President Kim Young-sam and officials involved
in driving Korea's economy into crisis.
President Kim called a meeting with the three candidates
early on Saturday to clear up a row over reported comments by
two of the candidates that they would seek a renegotiation of
the $57 billion dollar loan package if elected.
"As the incumbent president, and presidential candidates who
will become president or leaders of oppositions parties...we
will make every effort to raise our international credibility
and stabilise financial markets as quickly as possible by
complying with the agreements with the IMF," said a statement
signed by the president and the three candidates.
President Kim is barred by the constitution from a second
five-year term.
One of the three main candidates in the December 18
presidential election -- former Supreme Court judge Lee
Hoi-chang of governing Grand National Party, former labour
minister Rhee In-je of New Party by the People, or veteran
opposition leader Kim Dae-jung of National Congress for New
Politics -- will inherit the economic crisis.
The IMF package calls for the country's economic growth to
be slashed in half resulting in massive unemployment as well as
what is expected to be a painful restructuring in the economy.
"Renegotiate the IMF deal. Punish who is responsible for the
economic chaos," chanted students, labourers and poor people in
the protest.
Korea's militant civic group National Alliance for Democracy
and the Reunification of Korea said in a statement they would
wage a "full-fledged fight for an IMF renegotiation" and slammed
the United States and Japan for using the IMF to "invade the
country's economy."
Protesters wore head-bands saying: "We are against economic
trusteeship by the IMF."
South Korean press and opposition politicians have called
the IMF package a "humiliation" and voiced concern over "loss of
economic sovereignty" to the IMF and nations such as the United
States and Japan which make up the muscle of the body.
Kim Dae-jung, who had led opinion polls for much of the
campaign, has said he would try to renegotiate with the IMF.
But in a letter to IMF managing director Michel Camdessus on
Thursday, Kim said he stood by the deal and had only wanted to
renegotiate parts of the package.
"As I had already indicated in my letter to President Kim
Young-sam on December 11, 1997, I supported the IMF package and
my position has not changed," Kim said.
"As stipulated in the agreement between the Korean
government and the IMF, I will maintain ongoing consultation
with the IMF in order to resolve additional issues and make up
for shortcomings in the agreement," Kim said.
For his part, Rhee In-je on Friday held an emergency news
conference to stress he too would uphold the IMF agreement.
Seoul stocks surged by more than four percent in early
trading on Saturday, partly boosted by the joint statement by
the candidates.
The composite stock index closed at 359.82, up 9.14 points
or 2.61 percent.
"It (the statement) gives real positive news in the market
as the agreement will help restore foreign confidence toward
Korea and promote aid from the IMF," said Chung Dong-bae, market
strategist at Daewoo Securities.
Seoul media has said South Korea would be the first
beneficiary of an IMF board meeting in Washington, scheduled for
December 15, when it will debate new ways to help countries cope
with financial crisis.
But an IMF spokesman, commenting on a report in a Seoul
newspaper that the debate would be brought forward, said
Monday's regular board meeting would deal with proposals for a
new short-term loan facility.
"There will be no board discussion on (South Korea) on
Monday." |
