Seoul shares open higher on gov't package to stabilize markets

SEOUL, Oct. 20 (Yonhap) -- South Korean stocks started stronger Monday as sentiment was lifted by the government's US$130 billion package to calm the financial markets, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) climbed 1.57 points, or
0.13 percent, to 1,182.24 in the first 15 minutes of trading.
South Korea announced Sunday that it will provide $100 billion worth of state
guarantees on local banks' foreign debts as part of efforts to ease the dollar
shortage in the local financial sector and shore up market confidence.
The government and the central bank will also supply $30 billion to local banks
and exporters by using its foreign reserve holdings.
The local currency was trading at 1,286.5 won to the U.S. dollar as of 9:15 a.m.,
up 47.5 won from Friday's close.
sooyeon@yna.co.kr
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