SKorean shares slightly higher in early trade on bargain hunting |
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Mon, 13 Aug 2007 02:30
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SEOUL (Thomson Financial) - South Korean shares were slightly higher in early trade Monday, as bargain hunters stepped in to take advantage of a more than four percent slide in the mainboard KOSPI index Friday.Fears of a global credit crunch emerged late last week, fuelled by a flight to safety shift by investors away from risky assets such as the subprime mortgage market in the US. The worries prompted the European Central Bank, the US Federal Reserve and many other monetary authorities around the world to pump funds into their banking systems in a bid to help stabilize markets.While the KOSPI saw some moderate gains early Monday, investors were loathe to position aggressively amid fears that fallout from the subprime mortgage market woes still have some way to run.At 9:41 am (0041GMT), the KOSPI index was up 8.47 points or 0.5 percent at 1,836.96.Large cap technology stocks were in the limelight, with LG Philips LCD up 1,250 won or 2.8 percent at 46,350 won, driven by optimism the company will see improved earnings in the second half.( 1 US dollar = 928.80 won )saeromi.shin@thomson.com-sss/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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Tokyo shares end morning off lows on bargain-hunting, easing yen strength 