ID :
191746
Wed, 06/29/2011 - 11:06
Auther :
Shortlink :
https://oananews.org//node/191746
The shortlink copeid
Seoul stocks jump 1.53 pct on eased Greek worries
(ATTN: ADDS bond yields at bottom)
SEOUL, June 29 (Yonhap) -- South Korean stocks surged 1.53 percent on Wednesday as foreigners increased holdings on expectations that the Greek parliament would pass a reform deal, analysts said. The local currency climbed against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) spiked 31.51 points to 2,094.42, snapping a two-day losing streak. Trading volume was moderate at 253 million shares worth 5.85 trillion won (US$5.4 billion) with gainers outnumbering losers 496 to 313.
"Reports that progress is being made in a Greek debts deal helped calm investors," said Kwak Byung-ryul, an analyst at Eugene Investment & Securities Co. "Foreign investors who are the most sensitive to the Greek issue made bets on parliamentary approval and bought local stocks."
Later in the day, Greek lawmakers were set to start a vote on whether or not to adopt a reform plan, which is part of the bailout program of the European Union and the International Monetary Fund.
Foreign investors bought a net 417.5 billion won worth of shares, the largest daily net purchase in four weeks, after two sessions of net selling.
Automakers and oil refiners were the biggest winners. Hyundai Motor jumped 3.48 percent to 238,000 won and its smaller affiliate Kia Motors rose 2.73 percent to 71,600 won after Moody's cut the credit rating of Toyota.
Top oil refiner SK Innovation climbed 3.32 percent to 202,500 won and S-Oil surged 4.48 percent to 140,000 won.
But leading food manufacturer CJ Cheiljedang plummeted 6.4 percent to 234,000 won as investors feared that a takeover of a major stake in Korea Express by the company and its affiliates could strain its finances. Korea Express tumbled 5.86 percent to 104,500 won.
The local currency closed at 1,076.8 won to the greenback, up 6.7 won from Tuesday's close, as an upbeat outlook on the European debt crisis stoked investor appetite for risks, dealers said.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasuries added 0.05 percentage point to 3.77 percent and the return on the benchmark five-year government bonds rose 0.04 percentage point to 4.01 percent.
ylee@yna.co.kr
SEOUL, June 29 (Yonhap) -- South Korean stocks surged 1.53 percent on Wednesday as foreigners increased holdings on expectations that the Greek parliament would pass a reform deal, analysts said. The local currency climbed against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) spiked 31.51 points to 2,094.42, snapping a two-day losing streak. Trading volume was moderate at 253 million shares worth 5.85 trillion won (US$5.4 billion) with gainers outnumbering losers 496 to 313.
"Reports that progress is being made in a Greek debts deal helped calm investors," said Kwak Byung-ryul, an analyst at Eugene Investment & Securities Co. "Foreign investors who are the most sensitive to the Greek issue made bets on parliamentary approval and bought local stocks."
Later in the day, Greek lawmakers were set to start a vote on whether or not to adopt a reform plan, which is part of the bailout program of the European Union and the International Monetary Fund.
Foreign investors bought a net 417.5 billion won worth of shares, the largest daily net purchase in four weeks, after two sessions of net selling.
Automakers and oil refiners were the biggest winners. Hyundai Motor jumped 3.48 percent to 238,000 won and its smaller affiliate Kia Motors rose 2.73 percent to 71,600 won after Moody's cut the credit rating of Toyota.
Top oil refiner SK Innovation climbed 3.32 percent to 202,500 won and S-Oil surged 4.48 percent to 140,000 won.
But leading food manufacturer CJ Cheiljedang plummeted 6.4 percent to 234,000 won as investors feared that a takeover of a major stake in Korea Express by the company and its affiliates could strain its finances. Korea Express tumbled 5.86 percent to 104,500 won.
The local currency closed at 1,076.8 won to the greenback, up 6.7 won from Tuesday's close, as an upbeat outlook on the European debt crisis stoked investor appetite for risks, dealers said.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasuries added 0.05 percentage point to 3.77 percent and the return on the benchmark five-year government bonds rose 0.04 percentage point to 4.01 percent.
ylee@yna.co.kr
