Monday, 4 October 2004

South Korean stocks surge despite weak industrial production

Today, the South Korean government reported that industrial production fell a seasonally adjusted 0.6 percent in August, the second fall in three months. Industrial production in August was up 10.6 percent from a year earlier. Factories operated at 78.7 percent of their capacity, the lowest rate in 12 months.

And how did Korean stocks react today? The Korea Composite Index rose a whopping 4.1 percent! It closed at 880.84, its highest level in half a year.

But all Asian stock markets were up today, boosted by strong Wall Street gains on Friday. The Nikkei 225 was up 2.7 percent to 11,279.63, the Taiwan Weighted Index rose 2.2 percent to 6,077.96, while the Philippine Stock Exchange Composite Index climbed 3.6 percent to a 4 1/2-year high of 1,851.60.

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