SKorean shares outlook - Higher on Wall Street's continued advance |
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Published
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Fri, 30 Nov 2007 00:13
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SEOUL (Thomson Financial) - South Korean shares are expected to open higher Friday as Wall Street's continued advance on rate cut hopes helps the share market extend yesterday's sharp rebound.A raft of recent positive economic data showing solid economic growth in South Korea may also provide support.But investors may take some of their profits ahead of the weekend.'The market is likely to enjoy a further rebound, with Wall Street finding stability on hopes for a turnaround by financial institutions and a Fed rate cut,' Shinyoung Securities analyst Kim Ji-Hee said.Investors will be attracted to the robust fundamentals of local companies and their lower stock valuations, Kim said.The KOSPI index closed up 42.87 points or 2.3 percent at 1,877.56 on Thursday.Institutions were net buyers of shares worth 674.8 billion won, while foreign and retail investors were net sellers of 39.4 billion won and 645.9 billion won in shares, respectively.The yield on the three-year state bond closed up 0.10 percentage points at 6.03 percent and the yield on the three-year corporate bond ended up 0.11 percentage points at 6.70 percent.(1 US dollar = 928.70 won)eunkyung.seo@thomson.com-es/ngCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Hong Kong shares end morning higher on Wall St's rise, China fund inflow hopes 