ID :
198446
Mon, 08/01/2011 - 10:29
Auther :
Shortlink :
https://oananews.org//node/198446
The shortlink copeid
Seoul shares jump 1.83 pct on U.S. debt deal
SEOUL, Aug. 1 (Yonhap) -- South Korean stocks finished 1.83 percent higher Monday as foreign investors scooped up blue-chip auto and tech exporters on hopes that the U.S. Congress would approve the U.S. debt limit increase, analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 39.1 points to 2,172.31, snapping a two-session losing streak. Trading volume was light at 259 million shares worth 6.33 trillion won (US$6.03 billion) with gainers trumping losers 624 to 228.
"As worries about the U.S. debt problems dissipated, investors flocked to risky assets," said Kim Hyoung-ryoul, an analyst at Kyobo Securities Co. "But the rally was driven by the view that tech and chemicals stocks were bargains at their current price levels, rather than by the expectations that the industries would improve going forward."
Investor sentiment got a boost from the news that U.S. President Barack Obama sealed a bipartisan agreement on the U.S. borrowing limit and spending cuts.
Emboldened by the belief that the U.S. Congress will pass the bill, foreign investors made big bets on the local stock market, ending a five-session-long selling streak and adding 260.5 billion won.
Stocks gained ground across the board with blue-chip exporters being the brightest spot.
Market bellwether Samsung Electronics, which toppled Nokia in the second-quarter smartphone shipments, jumped 3.08 percent to 870,000 won. Chipmaking giant Hynix Semiconductor spiked 5.36 percent to 25,550 won.
Leading carmaker Hyundai Motor added 0.21 percent to 235,500 won and its smaller affiliate Kia Motors soared 80,900 won.
Lithium-ion battery maker LG Chem rose 3.3 percent to 485,500 won and rival Samsung SDI also advanced 3.24 percent to 175,500 won.
Brokerages were among the biggest beneficiaries of the bull market with Mirae Asset Securities climbing 5.31 percent to 51,600 won.
The local currency closed at 1,050.5 won to the greenback, up 4 won from Friday's close.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 39.1 points to 2,172.31, snapping a two-session losing streak. Trading volume was light at 259 million shares worth 6.33 trillion won (US$6.03 billion) with gainers trumping losers 624 to 228.
"As worries about the U.S. debt problems dissipated, investors flocked to risky assets," said Kim Hyoung-ryoul, an analyst at Kyobo Securities Co. "But the rally was driven by the view that tech and chemicals stocks were bargains at their current price levels, rather than by the expectations that the industries would improve going forward."
Investor sentiment got a boost from the news that U.S. President Barack Obama sealed a bipartisan agreement on the U.S. borrowing limit and spending cuts.
Emboldened by the belief that the U.S. Congress will pass the bill, foreign investors made big bets on the local stock market, ending a five-session-long selling streak and adding 260.5 billion won.
Stocks gained ground across the board with blue-chip exporters being the brightest spot.
Market bellwether Samsung Electronics, which toppled Nokia in the second-quarter smartphone shipments, jumped 3.08 percent to 870,000 won. Chipmaking giant Hynix Semiconductor spiked 5.36 percent to 25,550 won.
Leading carmaker Hyundai Motor added 0.21 percent to 235,500 won and its smaller affiliate Kia Motors soared 80,900 won.
Lithium-ion battery maker LG Chem rose 3.3 percent to 485,500 won and rival Samsung SDI also advanced 3.24 percent to 175,500 won.
Brokerages were among the biggest beneficiaries of the bull market with Mirae Asset Securities climbing 5.31 percent to 51,600 won.
The local currency closed at 1,050.5 won to the greenback, up 4 won from Friday's close.
