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Seoul stocks up 1/31/98 on NY deal
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Friday January 30, 8:03 pm Eastern Time
Seoul stocks jump at opening on New York deal
SEOUL, Jan 31 (Reuters) - Seoul stocks surged at Saturday's opening, underpinned by an agreement in New York to extend maturities of South Korea's short-term debts into loans with maturities between one and three years, brokers said.
The composite stock index soared 5.08 percent, or 28.37 points, to 586.70 at 0038 GMT.
''The New York deal continues to give a boost in the market,'' said Hwang Chang-joong, an analyst at LG Securities. ''Many believe the deal will help stabilise the currency market, resulting in attracting more foreign investment in Korea.''
Brokers said active foreign buying of blue chips also fuelled the morning rally.
Of rising blue chips, KEPCO (15760.KS) went limit up, gaining 1,700 won to 23,800 with heavy volume of 1.07 million shares. Samsung Electronics (05930.KS) briefly hit its upper limit up of 93,800 but stood at 92,000 at 0048 GMT, adding 5,100.
But brokers said immediate profit-taking would limit further sharp rises on the index.
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