ID :
193676
Fri, 07/08/2011 - 10:33
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Shortlink :
https://oananews.org//node/193676
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Seoul shares end flat on bank, telecom losses
SEOUL, July 8 (Yonhap) -- South Korean stocks closed almost flat on Friday as losses of bank and telecommunications shares overshadowed economic optimism created by improved U.S. job data, analysts said. The local currency hit a near three-year high against the U.S. dollar.
Reversing earlier gains, the benchmark Korea Composite Stock Price Index (KOSPI) fell 0.24 point, or 0.01 percent, to 2,180.35. Trading volume was moderate at 277.1 million shares worth 7.15 trillion won (US$6.76 billion) with losers outpacing gainers 428 to 402.
"Despite a strong start, investors turned cautious in late trading and took profits following the KOSPI's recent gains," said Bae Sung-young, a market analyst at Hyundai Securities Co.
Bae said the local stock market may trade weaker next week, but the fall is not likely to be steep as U.S. economic data is seen as positive.
The KOSPI got off to a strong start as better-than-expected U.S. employment data eased concerns about the global slowdown, but the index crawled back into negative territory as bank and telecommunications shares traded lower.
Chip giant Hynix Semiconductor rose 0.76 percent to 26,600 won ahead of its creditors' move to close preliminary bids for the chipmaker later in the day.
Market watchers expect the country's two industrial groups -- STX Group and SK Group -- to submit letters of intent to buy a 15 percent stake in Hynix Semiconductor. STX Group advanced 0.72 percent to 20,950 won while SK Telecom, a telecom unit of SK Group, lost 3.24 percent to 149,500 won.
Top banking group KB Financial Group rose 0.93 percent to 54,000 won after its banking unit, Kookmin Bank, earlier in the day sold its entire 9.05 percent stake in the group. But its rival Shinhan Financial lost 2.88 percent to 50,500 won after the state deposit insurance agency sold out its stake in Shinhan Financial in a bid to recoup public funds.
Oil refiners were in focus on prospects of rising margins. Top refiner SK Innovation advanced 2.14 percent to 214,500 won, and its rival S-Oil rose 2.34 percent to 153,000 won.
The local currency ended at 1,057 won to the dollar, up 7.10 won from Thursday's close, as a rate hike by the European Central bank drove down the value of the dollar, dealers said. The won rose to the highest level since Aug. 21, 2008.
Reversing earlier gains, the benchmark Korea Composite Stock Price Index (KOSPI) fell 0.24 point, or 0.01 percent, to 2,180.35. Trading volume was moderate at 277.1 million shares worth 7.15 trillion won (US$6.76 billion) with losers outpacing gainers 428 to 402.
"Despite a strong start, investors turned cautious in late trading and took profits following the KOSPI's recent gains," said Bae Sung-young, a market analyst at Hyundai Securities Co.
Bae said the local stock market may trade weaker next week, but the fall is not likely to be steep as U.S. economic data is seen as positive.
The KOSPI got off to a strong start as better-than-expected U.S. employment data eased concerns about the global slowdown, but the index crawled back into negative territory as bank and telecommunications shares traded lower.
Chip giant Hynix Semiconductor rose 0.76 percent to 26,600 won ahead of its creditors' move to close preliminary bids for the chipmaker later in the day.
Market watchers expect the country's two industrial groups -- STX Group and SK Group -- to submit letters of intent to buy a 15 percent stake in Hynix Semiconductor. STX Group advanced 0.72 percent to 20,950 won while SK Telecom, a telecom unit of SK Group, lost 3.24 percent to 149,500 won.
Top banking group KB Financial Group rose 0.93 percent to 54,000 won after its banking unit, Kookmin Bank, earlier in the day sold its entire 9.05 percent stake in the group. But its rival Shinhan Financial lost 2.88 percent to 50,500 won after the state deposit insurance agency sold out its stake in Shinhan Financial in a bid to recoup public funds.
Oil refiners were in focus on prospects of rising margins. Top refiner SK Innovation advanced 2.14 percent to 214,500 won, and its rival S-Oil rose 2.34 percent to 153,000 won.
The local currency ended at 1,057 won to the dollar, up 7.10 won from Thursday's close, as a rate hike by the European Central bank drove down the value of the dollar, dealers said. The won rose to the highest level since Aug. 21, 2008.
