SEOUL (Thomson Financial) - South Korean shares opened higher Monday as
investors sought out bargains in the financial
sector as well as shipbuilders and steelmakers as concerns over the US credit
market eased
following the release of financial results by major US investment banks and the
Federal Reserve's
aggressive measures.
At 9.26 am (0026 GMT), the KOSPI index was up 8.82 points or 0.5 percent at
1,654.51.
Gains were capped as investors found few trading leads with Wall Street
closed for Good Friday
and ahead of the release of economic data both at home and abroad this week.
Due from the US are data on housing, consumer confidence and orders of
durable goods which investors hope would show the effect of the Fed's interest
rate cuts since September.
In Seoul, the government will release the current account data on Friday.
There is worry that the current account may be in deficit for a third straight
month which will be bad news for the South Korean won which has fallen recently
against the dollar.
In January, the current account was in deficit by 2.6 billion dollars, the
biggest in more than a decade, due to soaring oil prices.
(1 US dollar = 1,001 won)
eunkyung.seo@thomson.com
es/ms/es/ms
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