SKorean shares sharply higher in early trade; KOSPI up more than 2 percent |
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Mon, 27 Aug 2007 02:08
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SEOUL (Thomson Financial) - South Korean shares were sharply higher in early trade on Monday, showing gains for the fifth time in the past six sessions, after Wall Street rallied on Friday following better-than-expected home sales data for July.At 9:38 am (0038 GMT), the KOSPI index was up 35.94 points or 2 percent at 1,827.27, after rising to as high as 1,834.65.All the top 100 stocks by market capitalization made solid gains, with steel maker POSCO and SK Energy outperforming.POSCO was up 23,000 won or 4.5 percent at 538,000SK Energy was up 9,000 won or 6.7 percent at 143,000 won on a report that its group holding company SK Corp was planning a public tender offer for the energy company to bolster control of the group.(1 US dollar = 938 won)eunkyung.seo@thomson.com-es/clCOPYRIGHTCopyright 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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SKorean shares close lower on further foreign investor sell-off 