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SKorean shares rise on last trading day of year on expectation of further rise in New Year

SKorean shares rise on last trading day of year on expectation of further rise in New Year

South Korean shares rose on the last trading day of the year on Thursday on expectations of a further rise in the new year, with the benchmark index closing out 2006 with a 4-percent rise from the year-start.
The Korea Composite Stock Price Index, or Kospi, gained 19.36 points, or 0.7 percent, to close at 1434.46.
"A further rise is expected next week as many Korean investors, which have recently cashed in from this year's shareholdings, are set to redesign portfolio and resume investment at the beginning of the year," said SK Securities' analyst Kim Joon-ki.
On top of this year's 4-percent rise, Kospi is forecast to add further gains in 2007, with export-dependent technology shares, such as Samsung Electronics, tipped to regain ground later of the year in accordance with anticipated earnings recovery and a stabilizing currency.
Analysts added the governments' property market cooling measures will also help lure more funds into equity markets next year.
Some analysts tipped Kospi to run up to 1700 in 2007, while many forecast a range of 1350-1700 throughout next year.
Among major gainers of the day, Korean Air gained 2.3 percent at 35,450 won (US$38.2;


Updated : 2021-02-27 12:47 GMT+08:00