ID :
19183
Fri, 09/12/2008 - 13:25
Auther :
Shortlink :
https://oananews.org//node/19183
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Seoul shares trade higher on Wall Street gains
SEOUL, Sept. 12 (Yonhap) -- South Korean stocks traded higher late Friday morning as investor sentiment was lifted by overnight gains in U.S. markets, following speculation that embattled Lehman Brothers Holdings Inc. is in talks for its possible sale, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 27 points, or
1.87 percent, to 1,470.24 as of 11:20 a.m.
"The key stock index gained ground, helped by market talk about Lehman.
Asian markets also rose in the morning session, giving a boost to
sentiment," said Park Suk-hyun, an analyst at Eugene Investment &
Securities Co.
The KOSPI fell 1.48 percent on Thursday as investors dumped most blue chips on
concerns over fluctuations due to the expiration of futures and options.
Most shares got off to a strong start, led by exporters and financial shares.
Tech bellwether Samsung Electronics rose 0.93 percent and consumer electronics
giant LG Electronics advanced 0.52 percent after saying that it has agreed to set
up a joint venture with Germany's Conergy AG to produce solar cells.
Top lender Kookmin Bank advanced 1.55 percent and leading steelmaker POSCO jumped
4.2 percent.
Falling oil prices lifted airline shares with industry leader Korean Air Lines
rising 4.41 percent.
U.S. stocks gained Thursday as investor sentiment was boosted by falling oil
prices and reports that Bank of America may be in talks to buy subprime-battered
Lehman Brothers Holdings Inc. The Dow Jones industrial average gained 1.46
percent and the tech-dominated Nasdaq composite index rose 1.32 percent.
Reversing earlier gains, the local currency was trading at 1,113.2 won to the
U.S. dollar as of 11:20 a.m., down 3.7 won from Thursday's close, as offshore
investors snapped up the greenback, dealers said.
The won started stronger in the morning session, shrugging off the government's
decision to delay its planned sovereign debt sale.
South Korea said earlier in the day it will postpone the proposed debt sale worth
$1 billion in overseas markets, citing renewed financial woes surrounding Lehman
Brothers and heightened regional tensions over the health of North Korean leader
Kim Jong-il.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 27 points, or
1.87 percent, to 1,470.24 as of 11:20 a.m.
"The key stock index gained ground, helped by market talk about Lehman.
Asian markets also rose in the morning session, giving a boost to
sentiment," said Park Suk-hyun, an analyst at Eugene Investment &
Securities Co.
The KOSPI fell 1.48 percent on Thursday as investors dumped most blue chips on
concerns over fluctuations due to the expiration of futures and options.
Most shares got off to a strong start, led by exporters and financial shares.
Tech bellwether Samsung Electronics rose 0.93 percent and consumer electronics
giant LG Electronics advanced 0.52 percent after saying that it has agreed to set
up a joint venture with Germany's Conergy AG to produce solar cells.
Top lender Kookmin Bank advanced 1.55 percent and leading steelmaker POSCO jumped
4.2 percent.
Falling oil prices lifted airline shares with industry leader Korean Air Lines
rising 4.41 percent.
U.S. stocks gained Thursday as investor sentiment was boosted by falling oil
prices and reports that Bank of America may be in talks to buy subprime-battered
Lehman Brothers Holdings Inc. The Dow Jones industrial average gained 1.46
percent and the tech-dominated Nasdaq composite index rose 1.32 percent.
Reversing earlier gains, the local currency was trading at 1,113.2 won to the
U.S. dollar as of 11:20 a.m., down 3.7 won from Thursday's close, as offshore
investors snapped up the greenback, dealers said.
The won started stronger in the morning session, shrugging off the government's
decision to delay its planned sovereign debt sale.
South Korea said earlier in the day it will postpone the proposed debt sale worth
$1 billion in overseas markets, citing renewed financial woes surrounding Lehman
Brothers and heightened regional tensions over the health of North Korean leader
Kim Jong-il.
