Stock Prices Soared in New Year`s First Market

Stock price soared in the first stock market in 2002.

The composite stock exchange index on 2nd recorded 724.95 points jumping over 720 point level, which is 31.25 points (4.50 percent) higher than that of the stock market closing day in 2001. It was after 16 months that the index rose over 720 point level since August 29th 2000.

The index of Kosdaq also jumped to 74.47 points (3.13percent) rising by 2.26 points on the anticipation that the information technology (IT) would recover. Both Kospi and Kosdaq rose for 5 days in a row.

Foreign investors lead the market buying for over 120 billion won in the bourse and Kosdaq, and bought futures as well for 300 billion won.

Meanwhile, the won price, which was comparatively stronger than yen, fell again. Won-dollar exchange rate in Seoul foreign exchange market closed at 1317.4 won, which soared much compared with 1313.5 won, the closing price of December 31st 2001. Tokyo foreign exchange market closed on 2nd, and yen was traded at 131.60 yen for 1 dollar, which is almost the same price as that of 31st December. So the rate of won to 100 yen managed to support 1000 won level.

Rae-Jeong Park gold@donga.com · Dong-Keun Keum ecopark@donga.com