ID :
201832
Wed, 08/17/2011 - 10:40
Auther :
Shortlink :
https://oananews.org//node/201832
The shortlink copeid
Seoul shares end 0.68 pct higher on improved economic data
SEOUL, Aug. 17 (Yonhap) -- South Korean stocks rose 0.68 percent on Wednesday as concerns over a U.S. recession slightly eased on better-than-expected economic data, analysts said. The local currency edged down against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 12.8 points from Tuesday to close at 1,892.67, reversing morning losses. Trading volume was heavy at 423 million shares worth 6.2 trillion won (US$5.8 billion), with gainers outnumbering losers 582 to 257.
At one point, the index rose above the 1,900-point mark for the first time since it sank below the level on Aug. 8.
"Asian stock markets were mixed as investors were not fully confident due to the fiscal crisis in the Eurozone and a slowdown of the U.S. economy," said Kim Dong-ha, an analyst from Kyobo Securities Co.
"But economic data was not bad enough to drag down the stocks. U.S. industrial output for July was better than forecast and corporate results were good as well."
The KOSPI got off to a weak start as France and Germany failed to come up with detailed plans to solve the European debt problem but shifted to positive territory underpinned by the U.S. industrial output data and Fitch's affirmation of its top credit rating for U.S. debt.
"Investors here are not easily affected by external unfavorable factors. That led the rally," said Park Sung-hoon, an analyst at Woori Investment & Securities Co. "Over the long haul, however, the uptrend of the local bourse will be limited by no improvements in global economic fundamentals."
Foreigners shifted to net sellers, offloading a net 24 billion worth of shares while institutions and retail investors continued their selling streak.
Financials led the way up, with Shinhan Financial Group, the second-largest banking group, rising 1.2 percent to 46,200 won and No. 4 player Hana Financial Group climbing 1.46 percent to finish at 34,650 won.
Tech firms were mixed in the aftermath of Google's deal to buy Motorola Mobility. Samsung Electronics, the world's second-biggest mobile phone maker, rose 0.27 percent to 752,000 won, but LG Electronics fell 4.31 percent to 62,200 won.
SK Telecom was one of the biggest winners, jumping 5.02 percent to 146,500 won, as South Korea's mobile phone makers will only provide their first fourth-generation (4G) smartphones to the leading mobile carrier.
The local currency closed at 1,071.45 won against the greenback, down 1.45 won from Tuesday's close, as lingering economic uncertainties prompted investors to shift to safe havens, dealers said.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 12.8 points from Tuesday to close at 1,892.67, reversing morning losses. Trading volume was heavy at 423 million shares worth 6.2 trillion won (US$5.8 billion), with gainers outnumbering losers 582 to 257.
At one point, the index rose above the 1,900-point mark for the first time since it sank below the level on Aug. 8.
"Asian stock markets were mixed as investors were not fully confident due to the fiscal crisis in the Eurozone and a slowdown of the U.S. economy," said Kim Dong-ha, an analyst from Kyobo Securities Co.
"But economic data was not bad enough to drag down the stocks. U.S. industrial output for July was better than forecast and corporate results were good as well."
The KOSPI got off to a weak start as France and Germany failed to come up with detailed plans to solve the European debt problem but shifted to positive territory underpinned by the U.S. industrial output data and Fitch's affirmation of its top credit rating for U.S. debt.
"Investors here are not easily affected by external unfavorable factors. That led the rally," said Park Sung-hoon, an analyst at Woori Investment & Securities Co. "Over the long haul, however, the uptrend of the local bourse will be limited by no improvements in global economic fundamentals."
Foreigners shifted to net sellers, offloading a net 24 billion worth of shares while institutions and retail investors continued their selling streak.
Financials led the way up, with Shinhan Financial Group, the second-largest banking group, rising 1.2 percent to 46,200 won and No. 4 player Hana Financial Group climbing 1.46 percent to finish at 34,650 won.
Tech firms were mixed in the aftermath of Google's deal to buy Motorola Mobility. Samsung Electronics, the world's second-biggest mobile phone maker, rose 0.27 percent to 752,000 won, but LG Electronics fell 4.31 percent to 62,200 won.
SK Telecom was one of the biggest winners, jumping 5.02 percent to 146,500 won, as South Korea's mobile phone makers will only provide their first fourth-generation (4G) smartphones to the leading mobile carrier.
The local currency closed at 1,071.45 won against the greenback, down 1.45 won from Tuesday's close, as lingering economic uncertainties prompted investors to shift to safe havens, dealers said.
