ID :
194764
Wed, 07/13/2011 - 11:22
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https://oananews.org//node/194764
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Seoul shares rebound on eased eurozone fears
(LEAD) SEOUL, July 13 (Yonhap) -- South Korean stocks ended 0.94 percent higher on Wednesday as investors snapped up major automakers and oil refiners amid weakening jitters over the contagion of Greece's debt debacle, analysts said. The local currency gathered ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 19.91 points to 2,129.64, snapping a three-day losing streak. Trading volume was moderate at 302.8 million shares worth 6.4 trillion won (US$6 billion), with gainers outnumbering losers 522 to 300.
"Investors returned to buying, believing Tuesday's falls were too excessive," said Kwak Joong-bo, an analyst at Samsung Securities Co. The KOSPI plunged 2.2 percent in the previous session, as foreigners and institutions offloaded shares on worries the Greek debt crisis would spread to Italy and Spain.
"Automakers, chemicals and oil refiners, which were the KOSPI's main drivers recently, again powered the index's rise," said Kwak.
Top automaker Hyundai Motor added 2.81 percent to 238,000 won after analysts recommended the share on views the company will sustain its strong profit even after its Japanese rivals recover from the impact of the March 11 earthquake and tsunami. Kia Motors, the No. 2 player, also advanced 3.34 percent to 74,200 won.
Oil refiners also ended bullish on the back of rosy earnings forecasts, with No. 3 player S-Oil rising 3.42 percent to 151,000 won. Industry leader SK Innovation gained 2.38 percent to 215,500 won after announcing late Tuesday the Brazilian government gave the green light to its sales of three oil mines in the country.
LG Chem, the country's largest chemical maker, closed at 486,000 won, up 1.78 percent from Tuesday's close.
Tech shares, however, bucked Wednesday's climb. Hynix Semiconductor, the world's No. 2 chipmaker, slumped 4.14 percent to 24,300 won. LG Display, the world's second-largest maker of liquid crystal display (LCD) panels, lost 2.46 percent to 27,800 won following reports the company will resume the stalled construction of a Chinese plant within this year.
Korea Aerospace Industries, the country's leading aircraft maker, nosedived 13.82 percent to 25,250 won, halting its three-day gaining streak, which sent up shares as much as 9.2 percent.
The local currency closed at 1,060.6 won to the greenback, up 5.9 won from Tuesday's close, helped by the KOSPI's sharp advance, dealers said.
Bond prices, which move inversely to yields, closed unchanged. The yield on three-year Treasuries ended flat at 3.71 percent and the return on the benchmark five-year government bonds also finished unchanged at 3.93 percent.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 19.91 points to 2,129.64, snapping a three-day losing streak. Trading volume was moderate at 302.8 million shares worth 6.4 trillion won (US$6 billion), with gainers outnumbering losers 522 to 300.
"Investors returned to buying, believing Tuesday's falls were too excessive," said Kwak Joong-bo, an analyst at Samsung Securities Co. The KOSPI plunged 2.2 percent in the previous session, as foreigners and institutions offloaded shares on worries the Greek debt crisis would spread to Italy and Spain.
"Automakers, chemicals and oil refiners, which were the KOSPI's main drivers recently, again powered the index's rise," said Kwak.
Top automaker Hyundai Motor added 2.81 percent to 238,000 won after analysts recommended the share on views the company will sustain its strong profit even after its Japanese rivals recover from the impact of the March 11 earthquake and tsunami. Kia Motors, the No. 2 player, also advanced 3.34 percent to 74,200 won.
Oil refiners also ended bullish on the back of rosy earnings forecasts, with No. 3 player S-Oil rising 3.42 percent to 151,000 won. Industry leader SK Innovation gained 2.38 percent to 215,500 won after announcing late Tuesday the Brazilian government gave the green light to its sales of three oil mines in the country.
LG Chem, the country's largest chemical maker, closed at 486,000 won, up 1.78 percent from Tuesday's close.
Tech shares, however, bucked Wednesday's climb. Hynix Semiconductor, the world's No. 2 chipmaker, slumped 4.14 percent to 24,300 won. LG Display, the world's second-largest maker of liquid crystal display (LCD) panels, lost 2.46 percent to 27,800 won following reports the company will resume the stalled construction of a Chinese plant within this year.
Korea Aerospace Industries, the country's leading aircraft maker, nosedived 13.82 percent to 25,250 won, halting its three-day gaining streak, which sent up shares as much as 9.2 percent.
The local currency closed at 1,060.6 won to the greenback, up 5.9 won from Tuesday's close, helped by the KOSPI's sharp advance, dealers said.
Bond prices, which move inversely to yields, closed unchanged. The yield on three-year Treasuries ended flat at 3.71 percent and the return on the benchmark five-year government bonds also finished unchanged at 3.93 percent.
