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Bourses in Asia rallied Wednesday when Barack Obama was elected as the new U.S. president. Stock markets surged on expectations that with a new leadership in the U.S., policies to stabilize financial markets and stimulate the economy will be promptly implemented.
The KOSPI closed up 28.15 points, or 2.44 percent, at 1,181.50, rising for the fifth consecutive day. The index soared 5.6 percent to 1,217 points at one point in the afternoon but underwent correction as investors were on the alert for an excessive short-term surge.
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A man reads a newspaper at a securities company in Yeouido, Seoul on Wednesday, when Democratic candidate Barack Obama was elected the next U.S. president.
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Japan's Nikkei average index jumped 406.64 points, or 4.46 percent, closing at 9,521.24. Bourses also surged in China (3.15 percent), Australia (2.79 percent) and Hong Kong (3.17 percent) due to the "Obama factor."
The Dow Jones industrial average soared 3.28 percent on Tuesday. Bourses in the U.K., France and Germany also surged more than 4 percent. But the Dow Jones on Wednesday plunged 5 percent and Europe stocks also ended down 1- 2 percent.
Lee Jong-woo, managing director of HMC Investment Securities, said the upward trend will slow down since bourses in advanced nations have risen by about 30 percent in just eight to nine days.
(englishnews@chosun.com )
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