To: Thomas Haegin who wrote (12491 ) 12/19/1997 6:17:00 AM From: Glenn D. Rudolph Read Replies (1) | Respond to
Stock prices plunge in Seoul
United Press International - December 19, 1997 03:47
%FINANCIAL %STKS %KOREA V%UPI P%UPI
SEOUL, Dec. 19 (UPI) - Prices on the Korea
Stock Exchange have fallen sharply following
presidential elections as domestic investors
aggressively sold on worries over a future
under opposition rule.
Kim Dae-jung was declared president-elect
after winning by a close margin over the
ruling party candidate.
M.S. Koh of James Capel & Co. Ltd. in Seoul
said market sentiment was dampened by a
weakened Korean won and fears of a wider
finance ministry ban on operations at ailing
financial institutions after it suspended an
investment trust company.
The composite Korea Stock Price Index
(KOSPI) Friday is down 21.47 points - 5.13
percent - to 397.02 points, after rising 14.23
points Wednesday.
Dealers reported 355 shares hit limit up while
197 struck limit down, referring to an 8-
percent limit on intraday price fluctuations.
The market traded in a wide range of 16.99
points from a low of 396.87 to an opening high
of 413.86.
Casey Choi of W.I. Carr Ltd. said the
benchmark three-year corporate bond yield
rose 2.83 percent to 26.14 as investors
unloaded large conglomerate corporate
bonds.
The won closed at 1550.0 won to the U.S.
dollar, 4.10 percent or 63.6 won weaker than
the day's basic rate.
SK Telecom was down 38,000 to 437,000
Korean won, Samsung Electronics down 3,600
to 41,700, Pohang Iron and Steel (POSCO)
down 4,200 to 48,600, Hyundai Motors
remained unchanged at 20,000, Korea
Electric Power Corp. (KEPCO) down 1,300 to
15,100, Daewoo Securities down 720 to 8,360,
Korean Air down 720 to 8,400, and Chohung
Bank down 330 to 3,830.
Volume of 99.34 million shares was down from
111.33 million traded Wednesday.
The stock market closed Thursday for
presidential elections.
Trading value of $437.06 million (649.64 billion
won) was down from $597.21 million (839.61
billion won)
Winners topped losers 502 to 383 with 39
shares unchanged.
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Copyright 1997 by United Press
International. All rights reserved.
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