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KOSPI Nearly Reaches 2000 Mark

Posted July. 14, 2007 04:44,   


Stock prices are soaring day after day.

In Seoul, the KOSPI set new record highs for two days in a row on July 13, gaining 2.78 percent (53.18 points) to close at 1,962.93.

Only a day after breaking the significant 1,900 mark at closing, KOSPI soared once again thanks to the robust gains in overseas stock markets and as uncertainties related to an overnight interest rate hike by Bank of Korea were removed.

The KOSPI has posted the highest gains this year in terms of its margin and rate, well beyond the 2.74 percent hike or 47.19 points increase recorded on June 14. In particular, the KOSPI has increased by its largest margin in 65 months since its 56.52-point jump recorded on February 14, 2002.

In Tokyo, the Nikkei Stock Average index has also gained 1.42 percent while the Dow Jones Industrial Average index recorded a 2.09 percent gain on July 12, highlighting rising stock prices all over the world.

Meanwhile, at the Foreign Exchange market in Seoul, the won-dollar exchange rate dropped by 1.40 won (won appreciation) from the previous day to close at 916.90 won per dollar, recording the lowest rate in seven months since last December 7 (913.80 won). The won against yen exchange rate has also fallen by 1.90 won from the previous day to 749.00 won per 100 yen.

swon@donga.com ssoo@donga.com