ID :
188729
Wed, 06/15/2011 - 10:52
Auther :
Shortlink :
https://oananews.org//node/188729
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Seoul shares up 0.47 pct on chemicals, transporters
SEOUL, June 15 (Yonhap) -- South Korean stocks closed 0.47 percent higher on Wednesday on firm rises in chemical companies and transporters, but gains were limited due to weak foreign buying, analysts said. The local currency edged down against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.7 points to 2,086.53. Trading volume was light at 223.9 million shares worth 5.98 trillion won (US$5.52 billion), with gainers outnumbering losers 495 to 307.
"Investors snapped up shares, believing that the KOSPI's recent falls were too steep," said Lee Kyung-soo, an analyst at Shinyoung Securities Co. "U.S. retail data also turned out better than expected, which helped boost investor sentiment."
U.S. data released overnight showed sales at retailers fell 0.2 percent in May, less than the market's forecast.
Lee said strong foreign buying should take place before the KOSPI regains its upward momentum, but it is likely to take some time for foreigners to snap up shares.
Shares gathered ground across the board, with chemicals leading the climb. S-Oil, the country's third-largest oil refiner, rose 2.7 percent to 152,000 won. Hyosung jumped 4.46 percent to 86,600 won after announcing Tuesday that it developed the technology to make high tensile strength carbon fiber.
Transporters were also bullish, with top air carrier Korean Air Line rising 3.23 percent to 67,100 won.
Discount chain operator E-Mart soared 9.46 percent to 243,000 won after Nomura Holdings raised its shares to "neutral" from "reduce."
Financials closed mixed. No. 3 banking group Shinhan Financial Group added 1.31 percent to 50,300 won. In contrast, Woori Finance Holdings closed flat at 13,200 won amid worries that its much-awaited sale will flop.
On Tuesday, South Korea's top financial regulator said it is undesirable for KDB Financial Group, another state-run financial group and a prospective buyer, to acquire the government's 56.96 percent stake in the No. 2 banking group. The move raised concerns the government's plan to privatize Woori Finance will fall apart due to a lack of investor interest.
Steelmakers also ended bearish, with industry leader POSCO slipping 0.69 percent to 432,000 won.
The local currency ended at 1,083.1 won to the greenback, down 0.5 won from Tuesday's close, amid persistent fears over risky assets, dealers said.
mil@yna.co.kr
The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.7 points to 2,086.53. Trading volume was light at 223.9 million shares worth 5.98 trillion won (US$5.52 billion), with gainers outnumbering losers 495 to 307.
"Investors snapped up shares, believing that the KOSPI's recent falls were too steep," said Lee Kyung-soo, an analyst at Shinyoung Securities Co. "U.S. retail data also turned out better than expected, which helped boost investor sentiment."
U.S. data released overnight showed sales at retailers fell 0.2 percent in May, less than the market's forecast.
Lee said strong foreign buying should take place before the KOSPI regains its upward momentum, but it is likely to take some time for foreigners to snap up shares.
Shares gathered ground across the board, with chemicals leading the climb. S-Oil, the country's third-largest oil refiner, rose 2.7 percent to 152,000 won. Hyosung jumped 4.46 percent to 86,600 won after announcing Tuesday that it developed the technology to make high tensile strength carbon fiber.
Transporters were also bullish, with top air carrier Korean Air Line rising 3.23 percent to 67,100 won.
Discount chain operator E-Mart soared 9.46 percent to 243,000 won after Nomura Holdings raised its shares to "neutral" from "reduce."
Financials closed mixed. No. 3 banking group Shinhan Financial Group added 1.31 percent to 50,300 won. In contrast, Woori Finance Holdings closed flat at 13,200 won amid worries that its much-awaited sale will flop.
On Tuesday, South Korea's top financial regulator said it is undesirable for KDB Financial Group, another state-run financial group and a prospective buyer, to acquire the government's 56.96 percent stake in the No. 2 banking group. The move raised concerns the government's plan to privatize Woori Finance will fall apart due to a lack of investor interest.
Steelmakers also ended bearish, with industry leader POSCO slipping 0.69 percent to 432,000 won.
The local currency ended at 1,083.1 won to the greenback, down 0.5 won from Tuesday's close, amid persistent fears over risky assets, dealers said.
mil@yna.co.kr
