ID :
193452
Thu, 07/07/2011 - 11:14
Auther :
Shortlink :
https://oananews.org//node/193452
The shortlink copeid
Seoul shares up 0.43 pct on recovery hopes
(ATTN: ADDS bond yields at bottom)
SEOUL, July 7 (Yonhap) -- South Korean stocks closed 0.43 percent higher on Thursday as overseas investors continued to snap up shares amid optimism on a global economic recovery, analysts said. The local currency edged down against the U.S. dollar.
After opening lower, the benchmark Korea Composite Stock Price Index (KOSPI) climbed 9.4 points to 2,180.59, extending its winning streak to a seventh session. Trading volume was moderate at 351.7 million shares worth 8.1 trillion won (US$7.6 billion), with gainers outnumbering losers 481 to 332.
"The KOSPI's recent bull run mirrors the return of investor appetite for risky global assets. With optimism on the global economy spreading, overseas investors are beefing up their shares in South Korean stocks," said Lee Kyung-soo, an analyst at Shinyoung Securities Co.
Foreigners remained net buyers for a seventh straight session, snapping up a net 538 billion won on Thursday.
"Foreigners also seem to be betting on the Korean won's appreciation," Lee said.
The Korean won strengthened to a fresh yearly high in the previous session.
Blue-chip exporters fueled the KOSPI, with the country's top auto parts maker, Hyundai Mobis, jumping 2.5 percent to 409,500 won.
Builders also ended bullish on hopes that PyeongChang's bid win for the 2018 Winter Olympics will spur demand for new construction projects. Market leader Hyundai Engineering & Construction added 2.78 percent to 88,700 won, and smaller GS Engineering & Construction gained 2.28 percent to 134,500 won.
On Wednesday, South Korea's PyeongChang won the bid to host the 2018 Winter Olympics in a vote by the International Olympic Committee, succeeding in its third attempt to bring the Winter Games to South Korea for the first time.
In contrast, techs landed in negative territory, weighed by losses in Samsung Electronics, which declined 2 percent to 880,000 won. Samsung Electronics released its earnings guidance for the second quarter earlier in the day, which estimated a 26.2 percent on-year tumble in its operating profit.
Hynix Semiconductor dipped 0.38 percent to 26,400 won. Creditors of the No. 2 memory chip maker are slated to close the preliminary biddings for a stake in Hynix on Friday.
SK and STX, which implied they could bid for the Hynix stake, both lost ground. SK fell 3.88 percent to 173,500 won, and STX tumbled 5.45 percent to 20,800 won.
The local currency closed at 1,064.1 won to the greenback, down 0.7 won from Wednesday's close, due to the impact of China's interest rate hike, dealers said. China raised its benchmark interest rates by a quarter percentage point late Wednesday in a bid to stem rising inflationary pressure.
Bond prices, which move inversely to yields, closed unchanged. The yield on three-year Treasuries finished flat at 3.79 percent and the return on the benchmark five-year government bonds also ended unchanged at 4.04 percent.
SEOUL, July 7 (Yonhap) -- South Korean stocks closed 0.43 percent higher on Thursday as overseas investors continued to snap up shares amid optimism on a global economic recovery, analysts said. The local currency edged down against the U.S. dollar.
After opening lower, the benchmark Korea Composite Stock Price Index (KOSPI) climbed 9.4 points to 2,180.59, extending its winning streak to a seventh session. Trading volume was moderate at 351.7 million shares worth 8.1 trillion won (US$7.6 billion), with gainers outnumbering losers 481 to 332.
"The KOSPI's recent bull run mirrors the return of investor appetite for risky global assets. With optimism on the global economy spreading, overseas investors are beefing up their shares in South Korean stocks," said Lee Kyung-soo, an analyst at Shinyoung Securities Co.
Foreigners remained net buyers for a seventh straight session, snapping up a net 538 billion won on Thursday.
"Foreigners also seem to be betting on the Korean won's appreciation," Lee said.
The Korean won strengthened to a fresh yearly high in the previous session.
Blue-chip exporters fueled the KOSPI, with the country's top auto parts maker, Hyundai Mobis, jumping 2.5 percent to 409,500 won.
Builders also ended bullish on hopes that PyeongChang's bid win for the 2018 Winter Olympics will spur demand for new construction projects. Market leader Hyundai Engineering & Construction added 2.78 percent to 88,700 won, and smaller GS Engineering & Construction gained 2.28 percent to 134,500 won.
On Wednesday, South Korea's PyeongChang won the bid to host the 2018 Winter Olympics in a vote by the International Olympic Committee, succeeding in its third attempt to bring the Winter Games to South Korea for the first time.
In contrast, techs landed in negative territory, weighed by losses in Samsung Electronics, which declined 2 percent to 880,000 won. Samsung Electronics released its earnings guidance for the second quarter earlier in the day, which estimated a 26.2 percent on-year tumble in its operating profit.
Hynix Semiconductor dipped 0.38 percent to 26,400 won. Creditors of the No. 2 memory chip maker are slated to close the preliminary biddings for a stake in Hynix on Friday.
SK and STX, which implied they could bid for the Hynix stake, both lost ground. SK fell 3.88 percent to 173,500 won, and STX tumbled 5.45 percent to 20,800 won.
The local currency closed at 1,064.1 won to the greenback, down 0.7 won from Wednesday's close, due to the impact of China's interest rate hike, dealers said. China raised its benchmark interest rates by a quarter percentage point late Wednesday in a bid to stem rising inflationary pressure.
Bond prices, which move inversely to yields, closed unchanged. The yield on three-year Treasuries finished flat at 3.79 percent and the return on the benchmark five-year government bonds also ended unchanged at 4.04 percent.
