ID :
182873
Wed, 05/18/2011 - 11:04
Auther :
Shortlink :
https://oananews.org//node/182873
The shortlink copeid
Seoul shares end 1.59 pct higher on institutional buying
(ATTN: ADDS bond yields at bottom)
SEOUL (Yonhap) - South Korean stocks rose 1.59 percent on Wednesday as institutional investors snapped up auto and chemical shares, analysts said. The local currency inched up against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 33.37 points to 2,135.78, snapping four straight negative sessions. Trading volume was moderate at 255.8 million shares worth 7.10 trillion won (US$6.53 billion) with gainers outpacing losers 448 to 366.
"The market's rise was widely viewed as a technical rebound and as foreign investors were still net sellers of Seoul stocks, it remains to be seen whether the market will maintain its upturn," said Lee Jae-man, a market analyst at Tong Yang Securities Co.
Lee said the Seoul bourse may trade weaker down the road as it lacks momentum on concerns about the global growth.
The key stock index gained ground on the back of institutional buying, but offshore investors remained net sellers of local stocks for the fifth consecutive month by dumping a net 51 billion won worth of Seoul shares on the main bourse.
Top automaker Hyundai Motor jumped 5.53 percent to 238,500 won and its affiliate Kia Motors advanced 3.74 percent to 74,800 won on reports that Hyundai Motor Group's market share in Europe topped 5 percent in April.
Leading chemical maker LG Chem rose 3.74 percent to 513,000 won and top refiner SK Innovation added 3.23 percent to 223,500 won.
No. 2 financial services company Woori Finance inched up 0.37 percent to 13,400 won after the government unveiled on Tuesday a road map to resume the privatization of the banking group. The government said it plans to accept letters of intent for bids for the group by June 29, adding a preferred bidder will be selected by September.
The local currency ended at 1,087.90 won to the dollar, up 0.6 won from Tuesday's close, as offshore investors unloaded the greenback, dealers said.
Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasuries was unchanged at 3.62 percent while the return on the benchmark five-year government bonds fell 0.01 percentage point to 3.96 percent.
SEOUL (Yonhap) - South Korean stocks rose 1.59 percent on Wednesday as institutional investors snapped up auto and chemical shares, analysts said. The local currency inched up against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 33.37 points to 2,135.78, snapping four straight negative sessions. Trading volume was moderate at 255.8 million shares worth 7.10 trillion won (US$6.53 billion) with gainers outpacing losers 448 to 366.
"The market's rise was widely viewed as a technical rebound and as foreign investors were still net sellers of Seoul stocks, it remains to be seen whether the market will maintain its upturn," said Lee Jae-man, a market analyst at Tong Yang Securities Co.
Lee said the Seoul bourse may trade weaker down the road as it lacks momentum on concerns about the global growth.
The key stock index gained ground on the back of institutional buying, but offshore investors remained net sellers of local stocks for the fifth consecutive month by dumping a net 51 billion won worth of Seoul shares on the main bourse.
Top automaker Hyundai Motor jumped 5.53 percent to 238,500 won and its affiliate Kia Motors advanced 3.74 percent to 74,800 won on reports that Hyundai Motor Group's market share in Europe topped 5 percent in April.
Leading chemical maker LG Chem rose 3.74 percent to 513,000 won and top refiner SK Innovation added 3.23 percent to 223,500 won.
No. 2 financial services company Woori Finance inched up 0.37 percent to 13,400 won after the government unveiled on Tuesday a road map to resume the privatization of the banking group. The government said it plans to accept letters of intent for bids for the group by June 29, adding a preferred bidder will be selected by September.
The local currency ended at 1,087.90 won to the dollar, up 0.6 won from Tuesday's close, as offshore investors unloaded the greenback, dealers said.
Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasuries was unchanged at 3.62 percent while the return on the benchmark five-year government bonds fell 0.01 percentage point to 3.96 percent.