Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: B Tate who wrote (5198)	7/14/1998 1:44:00 AM
From: Frodo Baxter	Read Replies (2) \| Respond to of 9980

Maybe IMF bailouts aren't so bad after all... Korean Won Surges To Seven-month High Against Dollar On Tumbling Imports Korean Won Surges 1.5% to Seven-Month High on Tumbling Imports Seoul, July 14 (Bloomberg) -- The South Korean won rose to a seven-month high on the back of a growing trade surplus caused by slumping imports. The won strengthened 1.52 percent to 1,292.0 against the dollar, its highest since December 5. ''There is abundant dollar liquidity as exports keep rising but companies spend less on imports,'' said Jeong Chang Hoon, deputy general manager at Kookmin Bank's foreign exchange department. Korean companies halved purchases of machinery in the first six months of the year, importing much less equipment because of a deepening recession. The won was also lifted by a strengthening Japanese yen. The yen rose against the dollar on optimism Japanese Prime Minister Ryutaro Hashimoto's resignation will spark new policies that can bolster the world's second-largest economy. Rising foreign investment into Korean companies through purchases of assets and shares may help the Korean currency remain strong. The won surged 29.3 percent in the past six months, making the best performing currency in the world. The Korean government will start selling $10 billion of shares in Pohang Iron & Steel Co. and 10 other state-run companies from this month as part of its effort to revitalize the economy.