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Stock prices index rebound to 550 level

Posted October. 16, 2000 19:44,   


The Korea Composite Stock Price Index (KOSPI) made a significant rebound Monday, surging to the 550 point level.

The stock market jumped due to a combination of favorable factors, including the upsurge in the U.S.'s Nasdaq, signs of easing tensions in the Middle East and the leveling off of oil prices.

President Kim Dae-Jung's winning of the Nobel Peace Prize also helped improve the investment climate.

The KOSPI closed at 550.10, up 25.50 points or 4.86 percent from last Friday, and the KOSDAQ index also soared to 86.71, up 6.69 points or 8.36 percent.

The KOSPI increased by as much as 41 points in earlier trading, but the margin fell to 18 points at one point due to a selling spree by investment and trust firms and foreign investors.

Volume amounted to 341 million shares worth 2.3 trillion won ($2.05 billion). Most stocks rose evenly after an extended period with risers overwhelming decliners 763 to 92 and 18 others remaining unchanged.

Individual investors posted net buying of 130.4 billion won, while foreign investors registered net selling of 10.2 billion won and institutional investors sold 109.8 billion won.

Foreign investors posted net selling of 25.7 million Hyundai Electronics Industries shares worth 30.2 billion won.

In the KOSDAQ market, gainers hit a record 534, with 204 reaching the daily permissible highs. The previous record was 520 registered Sept. 27.

Bourse experts indicated the possibility of an additional rise, but said that the trend depends on whether variables abroad, such as the Nasdaq market, take a turn for the better or not.