ID :
200638
Thu, 08/11/2011 - 11:46
Auther :
Shortlink :
https://oananews.org//node/200638
The shortlink copeid
Seoul shares end up 0.62 pct on retail, institutional buying
(ATTN: ADDS bond yields at bottom)
SEOUL, Aug. 11 (Yonhap) -- South Korean stocks closed 0.62 percent higher on Thursday as retail and institutional investors snapped up local stocks, shrugging off renewed eurozone debt fears, analysts said. The local currency fell against the U.S. dollar.
Reversing earlier losses, the benchmark Korea Composite Stock Price Index (KOSPI) gained 11.2 points to 1,817.44, the second straight session of gains. Trading volume was moderate at 433.9 million shares worth 8.74 trillion won (US$8.09 billion), with gainers outpacing losers 570 to 277.
"A selling spree of foreign investors somewhat eased a day ahead of an options expiry, but the Seoul bourse is expected to undergo volatility down the road, depending on overseas market movements," said Bae Sung-young, a market analyst at Hyundai Securities Co.
The KOSPI opened sharply lower and declined as much as 4 percent at one point as investors were gripped by rumors of France's credit rating downgrade and concerns about the health of European banks. Stocks markets on the both sides of the Atlantic suffered heavy losses on Wednesday.
But the Seoul market reversed earlier losses as institutional and retail investors scooped up local stocks. Foreign investors remained net sellers for the eighth straight session by unloading a net 281.3 billion won worth of local shares.
An options expiry fell on Thursday, but program buying propped up the market following record program selling seen on the previous day.
The stock market was little affected by the Bank of Korea's decision to freeze the key rate at 3.25 percent for the second straight month as the decision was already priced in.
Bank shares were hit hard, trailing heavy losses of their overseas rivals. No. 2 financial services company KB Financial Group shed 2.91 percent to 40,000 won and its rival Shinhan Financial Group declined 1.82 percent to 43,100 won.
But oil refiners and carmakers gained ground. No. 1 refiner SK Innovation advanced 1.57 percent to 162,000 won and leading carmaker Hyundai Motor climbed 2.34 percent to 197,000 won.
The local currency closed at 1,081.80 won to the greenback, down 1.8 won from Wednesday's close, as ongoing market turmoil revived investors' appetite for safe assets, dealers said.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasuries rose 0.07 percentage point to 3.52 percent, and the return on the benchmark five-year government bonds gained 0.05 percentage point to 3.7 percent.
SEOUL, Aug. 11 (Yonhap) -- South Korean stocks closed 0.62 percent higher on Thursday as retail and institutional investors snapped up local stocks, shrugging off renewed eurozone debt fears, analysts said. The local currency fell against the U.S. dollar.
Reversing earlier losses, the benchmark Korea Composite Stock Price Index (KOSPI) gained 11.2 points to 1,817.44, the second straight session of gains. Trading volume was moderate at 433.9 million shares worth 8.74 trillion won (US$8.09 billion), with gainers outpacing losers 570 to 277.
"A selling spree of foreign investors somewhat eased a day ahead of an options expiry, but the Seoul bourse is expected to undergo volatility down the road, depending on overseas market movements," said Bae Sung-young, a market analyst at Hyundai Securities Co.
The KOSPI opened sharply lower and declined as much as 4 percent at one point as investors were gripped by rumors of France's credit rating downgrade and concerns about the health of European banks. Stocks markets on the both sides of the Atlantic suffered heavy losses on Wednesday.
But the Seoul market reversed earlier losses as institutional and retail investors scooped up local stocks. Foreign investors remained net sellers for the eighth straight session by unloading a net 281.3 billion won worth of local shares.
An options expiry fell on Thursday, but program buying propped up the market following record program selling seen on the previous day.
The stock market was little affected by the Bank of Korea's decision to freeze the key rate at 3.25 percent for the second straight month as the decision was already priced in.
Bank shares were hit hard, trailing heavy losses of their overseas rivals. No. 2 financial services company KB Financial Group shed 2.91 percent to 40,000 won and its rival Shinhan Financial Group declined 1.82 percent to 43,100 won.
But oil refiners and carmakers gained ground. No. 1 refiner SK Innovation advanced 1.57 percent to 162,000 won and leading carmaker Hyundai Motor climbed 2.34 percent to 197,000 won.
The local currency closed at 1,081.80 won to the greenback, down 1.8 won from Wednesday's close, as ongoing market turmoil revived investors' appetite for safe assets, dealers said.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasuries rose 0.07 percentage point to 3.52 percent, and the return on the benchmark five-year government bonds gained 0.05 percentage point to 3.7 percent.
