Repost article: SOUTH KOREANS OFFER MIXED REACTION TO NEW PRESIDENT
Futures World News - December 19, 1997 09:57
STOCK CURRENCY FINANCIAL ECONOMY GOVERNMENT V%FWN P%FWN
Seoul-Dec. 19-FWN/UPI--SOUTH KOREANS HAVE SHOWN euphoria and uncertainty today over the naming of Kim Dae-jung as president-elect.
People in his southern stronghold hailed the end of decades of discrimination against the region, while Seoul's stock market showed jitters after the nation's first victory by an opposition candidate.
Chon Young-soo, Kwangju city hall spokesman, said, "Like all citizens of Kwangju, I am thrilled about Kim's victory."
Kim captured 96% of the city's almost 600,000 votes.
Chon said crowds uncorked champagne in the streets and restaurants, bars and bathhouses offered free service to mark the victory of a native son.
Natives of the Cholla region living in other parts of the country also celebrated.
Yonhap News Agency reported crowds of Kim supporters in Kwangju chanted slogans cheering the end of bitter feelings, referring to the region's long held resentment at being discriminated against under past military regimes.
Kim, imprisoned for his pro-democracy activities under those dictatorships, symbolized that frustration after his 1980 arrest led to the so-called Kwangju Massacre. Supporters calling for his release were gunned down in the streets in a showdown with army troops that left an estimated 200 citizens dead.
Kim attributed his victory to his alignment with a former foe, which allowed him to broaden his support.
He told a news conference today that unifying the regions of the nation was a top priority.
Investors responded nervously to his victory as fears linger about pressing economic problems requiring attention well before his scheduled inauguration next February.
The Korean currency slipped 4.10% to 1,550 won against the U.S. dollar while the composite stock price index shed 5.13% to close at 397.02 points.
Seoul has begun receiving a $57 billion bailout led by the International Monetary Fund needed to prop up its debt- ridden banking sector.
Kim, who recently caused jitters by suggesting he would renegotiate a $57 billion international bailout, today stressed he would support the pact fully. |
