To: HammerHead who wrote (27524 ) 12/11/1997 6:29:00 AM From: Glenn D. Rudolph Respond to
Stocks prices fall sharply in Seoul
United Press International - December 11, 1997 04:02
%FINANCIAL %STKS %KOREA V%UPI P%UPI
SEOUL, Dec. 11 (UPI) - Prices on the Korea
Stock Exchange have fallen sharply as a
record low Korean won sparked domestic
institutional selling of blue chips on fears of
bankruptcies resulting from massive foreign
exchange losses.
H.K. Kang of ING Baring Securities Co. Ltd.
in Seoul said one bright spot was foreign
investors were net buyers as they bought core
blue chips under higher limits on foreign
ownership initiated today.
The composite Korea Stock Price Index
(KOSPI) Thursday is down 22.48 points - 5.62
percent - to 377.37 points, after rising 11.85
points Wednesday.
Dealers reported 35 shares hit limit up while
680 struck limit down, referring to an 8-
percent limit on intraday price fluctuations.
The market traded in a range of 9.56 points
from an early low of 376.53 to a high of 386.09.
Baik Jung-hyun of Samsung Securities Co.
Ltd. in Seoul said the benchmark three-year
corporate bond yield fell 2.05 percent to 22.90
percent as domestic investors purchased
bonds from large conglomerates.
SK Telecom was down 39,500 to 457,000
Korean won, Samsung Electronics up 300 to
42,500, Pohang Iron and Steel (POSCO) down
100 to 49,900, Hyundai Motors down 1,500 to 18,
400, Korea Electric Power Corp. (KEPCO)
down 1,000 to 14,600, Daewoo Securities down
630 to 7,270, Korean Air up 130 to 7,300, and
Chohung Bank down 290 to 3,360.
Trading volume of 78.04 million shares was
down from 87.19 million traded Wednesday
Trading value of $509.29 million (796.28 billion
won) was up from $507.52 million (722.50
billion won).
Losers topped winners 810 to 76 with 27 shares
unchanged.
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