Seoul shares rise on hopes for passage of U.S. bailout plan

By Kim Soo-yeon
SEOUL, Sept. 29 (Yonhap) -- South Korean stocks started stronger Monday as investor sentiment was lifted by news that the U.S. Congress is set to vote on the government's bailout plan for the financial sector, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 10.8 points, or
0.73 percent, to 1,487.13 in the first 15 minutes of trading.
Tech blue chips started stronger with chip giant Hynix Semiconductor rising 4.38
percent.
Hanwha gained more than 2.4 percent on a report that Korea Deposit Insurance
Corp., South Korea's state-run deposit insurance agency, plans to sell its
16-percent stake in Korea Life Insurance Co. to Hanwha Group, which will help the
group fully take control of the insurer.
The possible stake sale will raise Hanwha's stake in Korea Life to 67 percent
from a current 51 percent.
U.S. lawmakers are set to vote on Monday (local time) on the government's US$700
billion proposal to buy bad assets in a bid to bail out the teetering financial
sector after congressional leaders reached a tentative deal early Sunday.
The local currency was trading at 1,174.05 won to the U.S. dollar as of 9:15
a.m., down 13.55 won from Friday's close as offshore investors snapped up the
dollar, dealers said.
sooyeon@yna.co.kr
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