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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Mark Adams who wrote (10030)	11/20/1997 2:12:00 AM
From: Mark Adams	Respond to of 94695

After expanding the Korean Won trading stops from 2.25% to 10%... The won promptly fell to its permissible 10 percent low an hour after the market opened. It ended the morning session at that daily limit low of 1139.0 to the dollar from Wednesday's closing rate of 1035.5. ''The weakening of the won is unstoppable for the time being,'' said Seijiro Takeshita, director at Deutsche Morgan Grenfell in London. Shares fell 3.50 percent in morning trade as foreigners stampeded out of the stock market, seeing the free-falling won eroding any shred of capital gains left on their portfolios. The won has lost a whopping 13.4 percent against the dollar this week alone after the central bank on Monday gave up its stout defence of the currency and has depreciated more than 25 percent since the start of the year. The currency contagion that sprouted in Southeast Asia has now spread to the world's 11th largest economy and analysts and economists both inside and outside South Korea have said an IMF bailout appears inevitable. biz.yahoo.com In an unrelated story, the Chinese expressed concern that if the Won declines continue, Korean Steel prices will make Chinese Steel uncompetitive despite Chinese practice of good business techniques. Some are estimating equilibrium at 1200 Won/Dollar.