Return
to Story Page
To print: Select File and then Print from your
browser's menu
FE NEWS SERVICE
Foreign investment in South Korea rises fast
Foreign portfolio investment in South Korea has been increasing fast this month as low-priced shares here attract funds seeking shelter from volatile overseas markets, officials said on Wednesday. During October 1-19, South Korea received a net inflow of $ 500 million in foreign portfolio investment, officials at the Central Bank of Korea said. The inflows picked up from October 9. The daily average inflow amounted to $ 52 million during October 9-19, a record since May last year when South Korea increased the ceiling for foreign investment in its stock market. The index has risen some 30 per cent this month alone as interest rates fell fast, driving investors from the bond market to the bourse.
Hunt on for Anubhav chief:
The police are on the look out for the chief executive of the high-profile Anubhav group of companies following complaints of cheating by depositors. The police have registered a case against managing director C Natesanfollowing a complaint from an investor.
Police said the group had opened branches all over the country and accepted deposits to the tune of Rs 50 crore. By 2004, when most of the deposits would have matured, the company would have had to pay a whopping Rs 600 crore to the depositors.
Stocks recover on MSE:
Values of scrips recovered to settle with hand-some gains on buying support on the Madras Stock Exchange on Thursday. The MSE share price index regained by 39.48 points to close at 3207.91 as against the previous day's close of 3168.43 points.
Stocks hit new lows on CSE:
The pattern of trading remained unchanged Thursday on the Calcutta Stock Exchange as evident in the recent past few sessions with share values seeking lower levels in most cases. The exception, however, was ITC which soared to finish at Rs 696.80 with select others, too, closing above their previous rates. The market, however, witnessed a sudden change for the better in the final fifteen minutes of trading whenbuyers appeared at the ring mostly by way of bear covering in view of today's settlement.
Skindia GDR index up marginally:
The Skindia GDR Index, representing GDRs of 18 actively-trading companies decreased by 0.12 per cent from 520.95 to 520.30 on October 21, 1998 as per the Skindia GDR Index with a base January 02, 1995 equal to 1000. The Skindia GDR Index P/E ratio was 14.52 as compared to 14.56, Skindia Financ said in a press release issued here on Thursday.
Nikkei up marginally:
The Tokyo Stock Exchange's benchmark 225-issue Nikkei stock average finished with a rise of 79.23 points, or 0.56 per cent, at 14,295.56. Traders said the 2.13 trillion yen (US $ 18.6 billion) market debut of NTT Mobile Communications Network, boosted confidence. Sentiment was also lifted by hopes that more troubled Japanese banks will receive government funds. The listing of NTT Docomo was a success,'' said Yasuo Ueki, general manager at Nikko Securities.
Hang Seng sheds early gains:
In HongKong, the blue-chip Hang Seng index shed 3.54 points, or 0.04 per cent, closing at 9,658.58, after giving up early gains of more than 100 points. The market is quite sluggish. There's not much indication from overseas markets,'' said Michael Ng, dealing director at Sassoon Securities Ltd. Investors seem to think interest rates may have bottomed out for the near term, he said.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
------------------------------------------------------------
This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
------------------------------------------------------------