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Seoul shares push higher after rate cut; banks up

Wed Oct 8, 2008 10:30pm EDT

Stocks

   

SEOUL, Oct 9 (Reuters) - Seoul shares pushe ahead on Thursday after South Korea's central bank cut its main interest rate by 25 basis points on Thrusday, joining a round of worldwide rate cuts, sending banks and construction issues sharply higher.

Shinhan Financial Group (055550.KS) gained 7.02 percent and Hana Financial Group (086790.KS) added 7.1 percent.

Hyundai Engineering & Construciton (000720.KS) rose 6.58 percent and Daewoo Engineering & Construction (047040.KS) climbed 5.06 percent.

The Korea Composite Stock Price Index was up 1.88 percent at 1,310.83 points as of 0226 GMT.

(Reporting by Park Jung-youn; editing by Keiron Henderson)



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