ID :
195194
Fri, 07/15/2011 - 11:39
Auther :
Shortlink :
https://oananews.org//node/195194
The shortlink copeid
Seoul shares up 0.71 pct on institutional buying
(LEAD) SEOUL, July 15 (Yonhap) -- South Korean stocks closed 0.71 percent higher on Friday as institutions snapped up retailers and domestic-oriented companies amid lingering concerns on the global economy, analysts said. The local currency edged up against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 15.13 points to 2,145.2, extending its winning streak to a third session. Trading volume was moderate at 267.8 million shares worth 6 trillion won (US$5.7 billion), with gainers outnumbering losers 578 to 254.
"In tight range trading, investors took to the sidelines ahead of major events such as the publication of European bank stress test results," said Lee Kyung-soo, an analyst at Shinyoung Securities Co.
"Amid a lack of fresh upward momentum, shares of small and mid-sized firms and domestic-focused companies came into the spotlight."
Retailers sent the KOSPI higher, with leading discount chain operator E-mart jumping 3.19 percent to 258,500 won and Hyundai Department Store adding 2.85 percent to 180,500 won. Clothing retailer Shinsegae International surged 8.47 percent to 128,000 won on its second day of trading.
Domestic-focused companies also gathered ground. Confectionery heavyweight Orion climbed 5.5 percent to 508,000 won and NHN, the top Internet portal operator, gained 1.63 percent to 187,500 won.
Korea Zinc, the world's second-largest zinc smelter, finished at 444,000 won, up 2.3 percent from the previous close, on record high gold prices.
Blue-chip exporters closed mixed. LG Electronics added 2.63 percent to 82,000 won on the recommendation that its shares are undervalued, but top steelmaker POSCO lost 0.43 percent to 461,500 won.
The local currency closed at 1,058.1 won to the greenback, up 0.3 won from Thursday's close, as the greenback weakened after Standard & Poor's said they may put U.S. sovereign ratings on negative watch, dealers said.
Bond prices, which move inversely to yields, closed marginally higher. The yield on three-year Treasuries slipped 0.02 percentage point to 3.68 percent and the return on the benchmark five-year government bonds shed 0.03 percentage point to 3.89 percent.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 15.13 points to 2,145.2, extending its winning streak to a third session. Trading volume was moderate at 267.8 million shares worth 6 trillion won (US$5.7 billion), with gainers outnumbering losers 578 to 254.
"In tight range trading, investors took to the sidelines ahead of major events such as the publication of European bank stress test results," said Lee Kyung-soo, an analyst at Shinyoung Securities Co.
"Amid a lack of fresh upward momentum, shares of small and mid-sized firms and domestic-focused companies came into the spotlight."
Retailers sent the KOSPI higher, with leading discount chain operator E-mart jumping 3.19 percent to 258,500 won and Hyundai Department Store adding 2.85 percent to 180,500 won. Clothing retailer Shinsegae International surged 8.47 percent to 128,000 won on its second day of trading.
Domestic-focused companies also gathered ground. Confectionery heavyweight Orion climbed 5.5 percent to 508,000 won and NHN, the top Internet portal operator, gained 1.63 percent to 187,500 won.
Korea Zinc, the world's second-largest zinc smelter, finished at 444,000 won, up 2.3 percent from the previous close, on record high gold prices.
Blue-chip exporters closed mixed. LG Electronics added 2.63 percent to 82,000 won on the recommendation that its shares are undervalued, but top steelmaker POSCO lost 0.43 percent to 461,500 won.
The local currency closed at 1,058.1 won to the greenback, up 0.3 won from Thursday's close, as the greenback weakened after Standard & Poor's said they may put U.S. sovereign ratings on negative watch, dealers said.
Bond prices, which move inversely to yields, closed marginally higher. The yield on three-year Treasuries slipped 0.02 percentage point to 3.68 percent and the return on the benchmark five-year government bonds shed 0.03 percentage point to 3.89 percent.
