ID :
192235
Fri, 07/01/2011 - 10:36
Auther :
Shortlink :
https://oananews.org//node/192235
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Seoul shares hit one-month high on economic optimism
SEOUL, July 1 (Yonhap) -- South Korean stocks rose to a one-month high Friday as investors snapped up tech firms and oil refiners on upbeat economic data and Europe's easing debt woes, analysts said. The local currency edged up against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) surged 1.19 percent, or 25.05 points, to 2,125.74, the highest finish since June 1. Trading volume was moderate at 270 million shares worth 6.75 trillion won (US$6.32 billion) with gainers leading losers 487 to 332.
"Better-than-expected Chicago PMI results raised hopes that future economic data will be also bright and eased worries about a slowdown in the recovery," said Bae Sung-young, an analyst at Hyundai Securities Co.
On Thursday, the Chicago purchasing managers index, an indicator of factory activity in the U.S. Midwest, showed a pickup in economic growth in June, stoking investor expectations about forthcoming indicators of the U.S. manufacturing sector.
"The KOSPI seemed to have ended its downward trend and is going to gain momentum from the second-quarter earnings season," Bae added.
Tech companies were the biggest winners. Market heavyweight Samsung Electronics rose 3.51 percent to 855,000 won after the company announced that it will combine its component business to bolster its flagging display division.
Chipmaking giant Hynix Semiconductor spiked 6.59 percent to 26,700 won as investors viewed that memory chip prices have bottomed out.
Oil refiners gained ground as they are bracing for an oil price hike after a temporary price cut. Market leader SK Innovation added 3.74 percent to 208,000 won and S-Oil rose 2.55 percent to 141,000 won.
The local currency closed at 1,066.6 won to the greenback, up 1.1 won from Thursday's close, as offshore investors added to local shares, dealers said.
The benchmark Korea Composite Stock Price Index (KOSPI) surged 1.19 percent, or 25.05 points, to 2,125.74, the highest finish since June 1. Trading volume was moderate at 270 million shares worth 6.75 trillion won (US$6.32 billion) with gainers leading losers 487 to 332.
"Better-than-expected Chicago PMI results raised hopes that future economic data will be also bright and eased worries about a slowdown in the recovery," said Bae Sung-young, an analyst at Hyundai Securities Co.
On Thursday, the Chicago purchasing managers index, an indicator of factory activity in the U.S. Midwest, showed a pickup in economic growth in June, stoking investor expectations about forthcoming indicators of the U.S. manufacturing sector.
"The KOSPI seemed to have ended its downward trend and is going to gain momentum from the second-quarter earnings season," Bae added.
Tech companies were the biggest winners. Market heavyweight Samsung Electronics rose 3.51 percent to 855,000 won after the company announced that it will combine its component business to bolster its flagging display division.
Chipmaking giant Hynix Semiconductor spiked 6.59 percent to 26,700 won as investors viewed that memory chip prices have bottomed out.
Oil refiners gained ground as they are bracing for an oil price hike after a temporary price cut. Market leader SK Innovation added 3.74 percent to 208,000 won and S-Oil rose 2.55 percent to 141,000 won.
The local currency closed at 1,066.6 won to the greenback, up 1.1 won from Thursday's close, as offshore investors added to local shares, dealers said.
