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Gold/Mining/Energy : Gold Price Monitor

GDXJ 118.97

-0.9%

Dec 24 4:00 PM EST

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To: lorne who wrote (2985)	11/10/1997 7:25:00 PM
From: lorne	Read Replies (1) of 116824

Bloomberg News Page One: Hong Kong, Nov. 10, 1997 The following are the day's top stories from Bloomberg News: LEAD STORIES South Korea Won Tumbles; Investors Dismiss Government Optimism By David Gillen Seoul: Foreign investors continued dumping South Korean stocks and currency, dismissing government assurances that the country's economy is sound. The won fell as much as 2 percent to a record low of 998.8 to the dollar. The derivatives market already reflects a wager by many investors the slide in the Korean currency will continue. A government pledge to boost the financial industry fueled the biggest gains for Korean shares in two weeks. The locally led rally masked the second biggest sell-off in Korean stocks ever by foreign investors -- a net sale totaling 96.7 billion won ($97 million). Many foreign investors remain concerned the world's 11th-largest economy is headed for the kind of economic shock that jolted Thailand and other Southeast Asian countries, even though its current-account deficit is rapidly shrinking. ''When you've got a problem which is as deep and profound and as full of rot as this one is, there's no point trying to put a tablecloth over it and saying 'things are fine,''' said David Roche, a former Morgan Stanley & Co. strategist who now runs London- based Independent Strategy. ''In my view, despite the turnaround in the current account, it's bust.'' Published 16:49.

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