ID :
184570
Thu, 05/26/2011 - 11:41
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Shortlink :
https://oananews.org//node/184570
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Seoul shares jump 2.75 pct on auto, chemical gains
(LEAD)SEOUL, May 26 (Yonhap) -- South Korean stocks closed 2.75 percent higher on Thursday as auto and chemical shares made a technical rebound following recent sharp losses, analysts said. The local currency gathered ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) soared 56.04 points to 2,091.91. Trading volume was moderate at 291.8 million shares worth 7.11 trillion won (US$6.5 billion), with gainers outnumbering losers 605 to 228.
"Automakers and chemical firms bounced back following their recent steep losses," said Lee Kyung-soo, an analyst at Shinyoung Securities Co. "Resumed foreign buying also shored up the KOSPI."
Foreigners turned net buyers after unleashing their holdings for 10 straight sessions, the longest selling streak in over two years.
Lee, however, said lingering eurozone risks may deter foreigners from fully recovering their appetite for risky assets.
Top automaker Hyundai Motor jumped 5.64 percent to 243,500 won. Its smaller affiliate Kia Motors climbed 6.7 percent to 74,900 won, helped by reports that Moody's Investor Service is considering upgrading the No. 2 automaker's credit rating.
Leading chemical company LG Chem finished at 511,000 won, up 6.46 percent from Wednesday's close. Crude refiners also ended bullish on a rise in global oil costs. No. 1 oil refiner SK Innovation advanced 6.97 percent to 222,500 won.
Among the biggest gainers were market blue chips. Tech heavyweight Samsung Electronics added 2.69 percent to 879,000 won and leading shipyard Hyundai Heavy Industries rose 3.92 percent to 451,000 won.
In contrast, telecom companies ended in negative territory on market uncertainties. Industry leader SK Telecom inched down 0.62 percent to 161,500 won.
"A delay in the announcement of a government plan for telecom rate reduction raised concerns that the government is mulling a steeper rate cut," said Yang Jong-in, an analyst at Korea Investment & Securities Co.
The local currency closed at 1,088.3 won to the greenback, up 13.5 won from Wednesday's close, as foreign investors bought local shares, dealers said.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasuries added 0.04 percentage point to 3.61 percent and the return on the benchmark five-year government bonds climbed 0.05 percentage point to 3.91 percent.
The benchmark Korea Composite Stock Price Index (KOSPI) soared 56.04 points to 2,091.91. Trading volume was moderate at 291.8 million shares worth 7.11 trillion won (US$6.5 billion), with gainers outnumbering losers 605 to 228.
"Automakers and chemical firms bounced back following their recent steep losses," said Lee Kyung-soo, an analyst at Shinyoung Securities Co. "Resumed foreign buying also shored up the KOSPI."
Foreigners turned net buyers after unleashing their holdings for 10 straight sessions, the longest selling streak in over two years.
Lee, however, said lingering eurozone risks may deter foreigners from fully recovering their appetite for risky assets.
Top automaker Hyundai Motor jumped 5.64 percent to 243,500 won. Its smaller affiliate Kia Motors climbed 6.7 percent to 74,900 won, helped by reports that Moody's Investor Service is considering upgrading the No. 2 automaker's credit rating.
Leading chemical company LG Chem finished at 511,000 won, up 6.46 percent from Wednesday's close. Crude refiners also ended bullish on a rise in global oil costs. No. 1 oil refiner SK Innovation advanced 6.97 percent to 222,500 won.
Among the biggest gainers were market blue chips. Tech heavyweight Samsung Electronics added 2.69 percent to 879,000 won and leading shipyard Hyundai Heavy Industries rose 3.92 percent to 451,000 won.
In contrast, telecom companies ended in negative territory on market uncertainties. Industry leader SK Telecom inched down 0.62 percent to 161,500 won.
"A delay in the announcement of a government plan for telecom rate reduction raised concerns that the government is mulling a steeper rate cut," said Yang Jong-in, an analyst at Korea Investment & Securities Co.
The local currency closed at 1,088.3 won to the greenback, up 13.5 won from Wednesday's close, as foreign investors bought local shares, dealers said.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasuries added 0.04 percentage point to 3.61 percent and the return on the benchmark five-year government bonds climbed 0.05 percentage point to 3.91 percent.
