ID :
184835
Fri, 05/27/2011 - 10:40
Auther :
Shortlink :
https://oananews.org//node/184835
The shortlink copeid
Seoul shares end up 0.4 pct on foreign, institutional buying
SEOUL, May 27 (Yonhap) -- South Korean stocks finished 0.4 percent higher on Friday as foreign and institutional investors increased holdings of large-cap tech firms and retailers, analysts said. The local currency climbed against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 8.33 points to 2,100.24 to mark its third straight gaining session. Volume was subdued at 268 million shares worth 7.13 trillion won (US$6.55 billion) with gainers leading losers 410 to 386.
"Foreign investors were net buyers for two straight days and large-cap shares pulled up the KOSPI," said Lee Jae-man, an analyst at Tong Yang Securities Inc.
"But the market is still undergoing a broad correction. There was not much energy," he added.
The KOSPI recouped the 2,100 level in a week but reduced trading volume shows that investors are still uncertain, Lee added.
Tech heavyweight Samsung Electronics advanced 1.37 percent to 891,000 won after its board announced that it will sell the solar battery segment to affiliate Samsung SDI, which fell 0.25 percent to 200,500 won.
Retailers gained ground on the back of foreign buying. Lotte Shopping jumped 4.23 percent to 20,000 won and CJ O Shopping gained 3.37 percent to 8,300 won.
The local currency finished at 1,082.4 won to the greenback, up 5.9 won from Thursday's close, as overseas investors reduced holdings of the U.S. dollar after the central bank's announcement that S. Korea's current account surplus hit a four-month high in April, dealers said.
The benchmark Korea Composite Stock Price Index (KOSPI) added 8.33 points to 2,100.24 to mark its third straight gaining session. Volume was subdued at 268 million shares worth 7.13 trillion won (US$6.55 billion) with gainers leading losers 410 to 386.
"Foreign investors were net buyers for two straight days and large-cap shares pulled up the KOSPI," said Lee Jae-man, an analyst at Tong Yang Securities Inc.
"But the market is still undergoing a broad correction. There was not much energy," he added.
The KOSPI recouped the 2,100 level in a week but reduced trading volume shows that investors are still uncertain, Lee added.
Tech heavyweight Samsung Electronics advanced 1.37 percent to 891,000 won after its board announced that it will sell the solar battery segment to affiliate Samsung SDI, which fell 0.25 percent to 200,500 won.
Retailers gained ground on the back of foreign buying. Lotte Shopping jumped 4.23 percent to 20,000 won and CJ O Shopping gained 3.37 percent to 8,300 won.
The local currency finished at 1,082.4 won to the greenback, up 5.9 won from Thursday's close, as overseas investors reduced holdings of the U.S. dollar after the central bank's announcement that S. Korea's current account surplus hit a four-month high in April, dealers said.
