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With U.S. rescue plan, analysts are upbeat on Kospi

Sept 22,2008
Korea’s stock market is forecast to gain ground next week as global stock markets staged a rally on Friday, thanks to U.S. government rescue measures for banks and financial institutions, analysts said Saturday.

The key Kospi lost 1.5 percent last week to end at 1,455.78 on Friday, due to U.S. financial turmoil stemming in part from the bankruptcy filing of U.S. investment bank Lehman Brothers .

The local market stabilized somewhat on Friday, rising 4.6 percent after a Wall Street rally prompted by hopes that U.S. authorities may propose new measures to prevent a financial meltdown.

Global equity markets shot up on Friday on news that the Bush administration began discussions with Congress to try and hammer out an extraordinary plan to rescue the beleaguered banks and financial institutions.

The local market, helped by the U.S. government’s moves, is likely to gain some relief from the U.S. financial crisis next week, analysts said.

“The local market is expected to move in tandem with external economic factors next week. The U.S. moves may have a positive impact on the local market,” said Kim Jung-hyun, an analyst at Goodmorning Shinhan Securities Co.

Lee Seung-woo, an analyst at Daewoo Securities Co., also predicted that the U.S. moves may hearten investor sentiment.

“There may be relief for investors from woes over the U.S. financial crisis. Thanks to improved investor sentiment, the local market may enter an upward trend,” Lee added.

Analysts warned, however, that investors should keep tabs on the lingering U.S. financial turmoil.

Yonhap



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