ID :
18810
Wed, 09/10/2008 - 15:35
Auther :
Shortlink :
https://oananews.org//node/18810
The shortlink copeid
Seoul shares rebound on bargain hunting
SEOUL, Sept. 10 (Yonhap) -- South Korean stocks rebounded Wednesday as
institutional and retail investors hunted for bargains on eased concerns over foreign investor flight from the local bond market, analysts said.
The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 10.48 points, or
0.72 percent, to 1,464.98. Volume was moderate at 415.3 million shares worth 5.4
trillion won (US$4.94 billion), with gainers outpacing losers 458 to 343.
"Gains of institutional and retail investors propped up the market. Eased
woes about capital outflow also helped send the KOSPI higher as foreign investors
remained net buyers of local bonds in September," said Bae Sung-young, an
analyst at Hyundai Securities.
U.S. stocks tumbled on concerns about the ability of Lehman Brothers Holdings
Inc. to raise capital. The Dow Jones industrial average fell 2.43 percent and the
tech-dominated Nasdaq composite index plunged 2.64 percent.
A ranking government official said that North Korean leader Kim Jong-il is almost
certain to be ill and appears to have collapsed, but he is not dead. Kim did not
appear at a parade Tuesday commemorating the communist state's 60th founding
anniversary, escalating speculation that the leader may be seriously ill. The
last report of a public appearance by Kim was on Aug. 14, according to North
Korea's state media.
Despite reports of Kim's illness, South Korean financial markets have not showed
major jitters, with the local currency rising against the dollar.
Tech bellwether Samsung Electronics rose 1.12 percent to 542,000 won and chip
giant Hynix Semiconductor jumped 8.06 percent to 20,100 won after Korea Exchange
Bank, the company's main creditor, said Tuesday it is pushing for the sale of the
world's second-largest chip maker.
Builders also gained ground on expectations for deregulation in the housing
market. Top construction firm Daewoo Engineering & Construction rose 1.98
percent to 12,900 won.
But top steelmaker POSCO shed 2.54 percent to 422,000 won, while top carmaker
Hyundai Motor fell 3.82 percent to 70,500 won.
The local currency closed at 1,095.50 won to the dollar, up 5.8 won from
Tuesday's close as offshore investors unloaded the greenback, dealers said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries fell 0.03 percentage point to 5.73 percent and the
benchmark yield on five-year government bonds dropped 0.03 percentage point to
5.77 percent.
sooyeon@yna.co.kr
(END)
institutional and retail investors hunted for bargains on eased concerns over foreign investor flight from the local bond market, analysts said.
The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 10.48 points, or
0.72 percent, to 1,464.98. Volume was moderate at 415.3 million shares worth 5.4
trillion won (US$4.94 billion), with gainers outpacing losers 458 to 343.
"Gains of institutional and retail investors propped up the market. Eased
woes about capital outflow also helped send the KOSPI higher as foreign investors
remained net buyers of local bonds in September," said Bae Sung-young, an
analyst at Hyundai Securities.
U.S. stocks tumbled on concerns about the ability of Lehman Brothers Holdings
Inc. to raise capital. The Dow Jones industrial average fell 2.43 percent and the
tech-dominated Nasdaq composite index plunged 2.64 percent.
A ranking government official said that North Korean leader Kim Jong-il is almost
certain to be ill and appears to have collapsed, but he is not dead. Kim did not
appear at a parade Tuesday commemorating the communist state's 60th founding
anniversary, escalating speculation that the leader may be seriously ill. The
last report of a public appearance by Kim was on Aug. 14, according to North
Korea's state media.
Despite reports of Kim's illness, South Korean financial markets have not showed
major jitters, with the local currency rising against the dollar.
Tech bellwether Samsung Electronics rose 1.12 percent to 542,000 won and chip
giant Hynix Semiconductor jumped 8.06 percent to 20,100 won after Korea Exchange
Bank, the company's main creditor, said Tuesday it is pushing for the sale of the
world's second-largest chip maker.
Builders also gained ground on expectations for deregulation in the housing
market. Top construction firm Daewoo Engineering & Construction rose 1.98
percent to 12,900 won.
But top steelmaker POSCO shed 2.54 percent to 422,000 won, while top carmaker
Hyundai Motor fell 3.82 percent to 70,500 won.
The local currency closed at 1,095.50 won to the dollar, up 5.8 won from
Tuesday's close as offshore investors unloaded the greenback, dealers said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries fell 0.03 percentage point to 5.73 percent and the
benchmark yield on five-year government bonds dropped 0.03 percentage point to
5.77 percent.
sooyeon@yna.co.kr
(END)
