SKorean shares open firmer as bargain-hunting outpaces foreign ...
Posted by ~Ray @ 2008-10-10 03:11:29
SEOUL (Thomson Financial) - South Korean shares opened slightly higher on Monday as Wall Street's rebound on Friday triggered bargain-hunting outpacing selling activity among foreign investors. Shares in brokerage firms led the rebound on hopes of active merger and acquisition deals in the financial industry while high-tech stocks remained weak. At 9:40 am (1240 GMT) the KOSPI index was up 3.37 points or 0.2 percent at 1,929.57 after trading between 1,936.50 and 1,920.58. The benchmark index fell by more than 3 percent last week. Volume traded reached 57 million shares worth 859 billion won. Advancers outpaced decliners by 415 to 269. Hyundai Motor rallied 2,300 won or 3.3 percent to 72,300 won as viewed the stock as oversold due to forex concerns and a slowing US economy. Mirae Asset Securities jumped 10,500 won or 6 percent to 185,500 won on hopes that the brokerage will grow further to become a major player once another market bull run takes form next year under a law which facilitates consolidation. Daewoo Securities gained 800 won or 3.4 percent to 24,350 won.(1 US = 917.5 won)eunkyung seo@thomson com-es/ntCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved. The copying republication or redistribution of Thomson Financial News Content including by framing or similar means is expressly prohibited without the prior written consent of Thomson Financial News.
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