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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: Justa Werkenstiff who wrote (14473)	6/15/2000 2:42:00 PM
From: Justa Werkenstiff	Read Replies (2) \| Respond to of 15132

Korea won closes lower as stock market tumbles; nobody cares about summit SEOUL, June 15 (Reuters) - The South Korean won ended lower against the dollar on Thursday as the local stock market dipped, ignoring the landmark accord between North and South Korea on easing tensions and boosting economic ties, dealers said. The won <KFTC01>-2 closed at 1,115.0 per dollar against Wednesday's close of 1,114.2. It opened at 1,114.7 and ranged from 1,114.0 to 1,115.1. The Korea Composite Stock Price Index (KOSPI) <.KS11> dropped 5.9 percent to close at 770.95 due to profit taking on blue chips. "The stock market's tumble raised concerns about overall financial stability," said a local bank dealer. Dealers said market players ignored the inter-Korea summit as it was more of a political event. "The summit was primarily political," said a dealer at Citibank. "People will wonder how the outcome of the summit will affect the currency market in the short run." President Kim Dae-jung returned home on Thursday afternoon, wrapping up his historic three-day visit to North Korea. Foreign investors turned net buyers of 58 billion won of local stocks from net sellers of 7.7 billion won on Wednesday. Downward pressure on the dollar coming from foreign stock buying has easied significantly, compared with last week when foreigners were big buyers, dealers said. They forecast slow trading patterns on Friday with the dollar/won rate ranging from 1,114 and 1,116. Expectations of a pending foreign exchange bond issuance added to the weakness of the won, they said. The direction of the dollar/won rate depended pretty much on whether an expected issuance of foreign exchange stabilisation bonds was announced, they said. In the non-deliverable forward trading, the six-month won stood at 1,117.5/19.0 against 1,117.0/18.5 in early trade and the one-year won was quoted at 1,120.0/22.0 against 1,119.5/21.0. 05:00 06-15-00