ID :
195001
Thu, 07/14/2011 - 11:14
Auther :
Shortlink :
https://oananews.org//node/195001
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Seoul shares end a tad higher on steelmaker gains
(LEAD) SEOUL, July 14 (Yonhap) -- South Korean stocks closed marginally higher on Thursday as firm gains by steelmakers more than offset selling sparked by Europe's debt crisis, analysts said. The local currency gathered ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.43 points, or 0.02 percent, to 2,130.07. Trading volume was moderate at 301 million shares worth 7.5 trillion won (US$7 billion), with gainers outnumbering losers 431 to 383.
"Concerns over Europe's fiscal crisis continued to weigh on investor sentiment. Investors also stepped to the sidelines pending the results of stress tests for European banks," said Lee Sun-yup, an analyst at Shinhan Investment Corp.
Europe is set to release the results of stress tests for 91 of the region's biggest lenders on Friday, which measures their ability to withstand the spiraling fiscal crisis.
"But it is likely that market sentiment will improve as European policymakers are moving to tackle the region's debt problems," said Lee.
Steelmakers helped boost the KOSPI, with industry leader POSCO gaining 0.98 percent to 463,500 won. Korea Zinc, the world's second-largest zinc smelter, jumped 5.85 percent to 434,000 won on a surge in gold and silver prices.
Machineries also gathered ground, with industry heavyweight Doosan Infracore surging 8 percent to 24,300 won on rosy sales prospects.
Shinsegae International, an affiliate of retail giant Shinsegae, soared 14.56 percent to 118,000 won on its first day of trading.
Techs, however, ended bearish, with market heavyweight Samsung Electronics shedding 1.42 percent to 831,000 won and Hynix Semiconductor, the world's No. 2 chipmaker, retreating 2.47 percent to 23,700 won.
OCI, the country's top polysilicon maker, sank 5.46 percent to 389,500 won, due mainly to its weaker-than-expected quarterly profit in the second quarter.
The local currency closed at 1,058.4 won against the greenback, up 2.2 won from Wednesday's close, after U.S. Fed Chairman Ben Bernanke said he has not completely ruled out further stimulus measures to revive the U.S. economy, dealers said.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasuries slipped 0.01 percentage point to 3.70 percent and the return on the benchmark five-year government bonds also shed 0.01 percentage point to 3.92 percent.
The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.43 points, or 0.02 percent, to 2,130.07. Trading volume was moderate at 301 million shares worth 7.5 trillion won (US$7 billion), with gainers outnumbering losers 431 to 383.
"Concerns over Europe's fiscal crisis continued to weigh on investor sentiment. Investors also stepped to the sidelines pending the results of stress tests for European banks," said Lee Sun-yup, an analyst at Shinhan Investment Corp.
Europe is set to release the results of stress tests for 91 of the region's biggest lenders on Friday, which measures their ability to withstand the spiraling fiscal crisis.
"But it is likely that market sentiment will improve as European policymakers are moving to tackle the region's debt problems," said Lee.
Steelmakers helped boost the KOSPI, with industry leader POSCO gaining 0.98 percent to 463,500 won. Korea Zinc, the world's second-largest zinc smelter, jumped 5.85 percent to 434,000 won on a surge in gold and silver prices.
Machineries also gathered ground, with industry heavyweight Doosan Infracore surging 8 percent to 24,300 won on rosy sales prospects.
Shinsegae International, an affiliate of retail giant Shinsegae, soared 14.56 percent to 118,000 won on its first day of trading.
Techs, however, ended bearish, with market heavyweight Samsung Electronics shedding 1.42 percent to 831,000 won and Hynix Semiconductor, the world's No. 2 chipmaker, retreating 2.47 percent to 23,700 won.
OCI, the country's top polysilicon maker, sank 5.46 percent to 389,500 won, due mainly to its weaker-than-expected quarterly profit in the second quarter.
The local currency closed at 1,058.4 won against the greenback, up 2.2 won from Wednesday's close, after U.S. Fed Chairman Ben Bernanke said he has not completely ruled out further stimulus measures to revive the U.S. economy, dealers said.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasuries slipped 0.01 percentage point to 3.70 percent and the return on the benchmark five-year government bonds also shed 0.01 percentage point to 3.92 percent.
