Seoul stocks extend gains
Tokyo market closed for holiday
By Mariko Ando, CBS.MarketWatch.com
Last Update: 8:16 PM ET Jan. 2, 2002
cbs.marketwatch.com
SEOUL (CBS.MW) -- Seoul stocks opened higher Thursday, extending the previous day's sharp gains, as major technology shares got a boost from a late-session rally in U.S. markets overnight.
Tokyo's financial markets were closed Thursday and are scheduled to reopen for a half day of trade on Friday.
Seoul's key Kospi added 0.7 percent to 730.23 points in early trade. On Wednesday, the benchmark index jumped 4.5 percent to 724.95, the highest close since August 29, 2000.
Gains were led by Hynix Semiconductor (HXSDY: news, chart, profile) which climbed 4.3 percent to 2,900 won a day after the company raised chip prices by about 30 percent. Other chipmakers also gained ground, following a 4.5 percent surge in the Philadelphia Stock Exchange's semiconductor index.
Market sentiment also was supported by gains in the U.S. stocks. In New York on Wednesday, the Nasdaq gained 1.5 percent while the Dow advanced half a percent.
Australia's All Ordinaries Index fell half a percent to 3,367.80 points by mid morning session. New Zealand's NZ Top was trading 0.4 percent higher at 2,061.78 points.
Mariko Ando is a Tokyo-based reporter for CBS MarketWatch.com. |
