SKorean shares higher in early trade after central bank upgrades GDP forecast |
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Tue, 10 Jul 2007 02:33
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SEOUL (Thomson Financial) - South Korean shares extended their gains into a seventh day Tuesday, as investors cheered news that the Bank of Korea has upgraded its GDP growth forecast for 2007.Before the opening bell, the central bank said it now expects GDP to rise 4.5 percent this year, up from 4.4 previously, as a result of solid export growth and a modest recovery in domestic demand.However Daewoo Securities analyst Lee In-Koo cautioned that after such a sustained run-up the market may soon correct unless upcoming second quarter corporate results meet or exceed investor expectations.At 10:00 am, the KOSPI index was up 7.94 points or 0.42 percent at 1,891.53, off an intraday record high of 1,895.27.Volume was 116 million shares worth 1.7 trillion won.Rises beat falls by 384 to 320, with 65 shares unchanged.SK Telecom jumped 7,500 won or 3.7 percent to 209,000 on a report that it is seeking to take control of US cellphone service operator Sprinter Nextel.KEPCO also rallied 1,550 won or 3.6 percent to 44,100 on expectations that the state-run Korea Deposit Insurance Corp will sell off a five percent stake in the power company soon, easing a share overhang problem.Shinhan Financial rose 2,300 won or 3.8 percent to 62,400 on a report that it may invest around 100 million US dollars in Vietnamese bank Vietcom Bank when the latter goes public in August or September.(1 US dollar = 920.5 won)eunkyung.seo@thomson.com-es/mbCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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THOMSON FINANCIAL NEWS TOP STORIES Macroeconomics 15:30 BST 