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SEOUL, South Korea (AP) - South Korea's stock market soared to a new high Wednesday, surpassing its old record set nearly 11 years ago and symbolizing the economy's resurgence from its collapse during the 1997-98 Asian financial crisis.
The Korean economy was battered and humbled by that ordeal, which sent the currency, the won, into a nosedive, brought down the Daewoo conglomerate, and forced the nation to accept a $58 billion International Monetary Fund bailout.
The stalwarts that have emerged from those trials — Samsung Electronics Co., Hyundai Motor Co., steelmaker Posco and Daewoo Shipbuilding & Marine Engineering Co. — are stronger and more competitive than ever before.
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