ID :
202928
Tue, 08/23/2011 - 10:45
Auther :
Shortlink :
https://oananews.org//node/202928
The shortlink copeid
Seoul shares rebound on exporter gains
SEOUL, Aug. 23 (Yonhap) -- South Korean stocks bounced back on Tuesday as institutional investors hunted for bargains in battered blue-chip exporters, analysts said. The local currency climbed against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 65.98 points, or 3.86 percent, to 1,776.68, snapping a three-session losing streak. Trading volume was heavy at 423.5 million shares worth 8 trillion (US$7.4 billion), with gainers far outnumbering losers 675 to 183.
"It was basically a technical rebound. Low prices attracted investors searching for bargains," said Han Chi-hwan, an analyst at Daewoo Securities Co.
South Korean stocks suffered steep losses in August as investors dumped shares on fears sparked by the first-ever U.S. credit rating and persisting debt risks in the eurozone. The KOSPI tumbled around 17 percent this month.
Shares gathered ground across the board, with blue-chip exporters leading the climb. Market bellwether Samsung Electronics jumped 4.63 percent to 723,000 won and No. 2 chipmaker Hynix Semiconductor gained 8.25 percent to 17,050 won.
Autos and chemicals, which had undergone bigger losses compared with other sectors, strongly rebounded. Top automaker Hyundai Motor soared 10.22 percent to 178,000 won and its smaller affiliate Kia Motors rose 9.32 percent to 64,500 won. Top chemical firm LG Chem closed at 343,000 won, up 13.39 percent from the previous close.
Oil refiners closed bullish with industry leader SK Innovation leaping 11.36 percent to 147,000 won.
"Sectors that went through the sharpest losses shot up the most as investors went bargain hunting," said Park Seung-jin, an analyst at Samsung Securities Co. "But it would be too hasty to say the KOSPI has gained its momentum."
Construction firms also landed in positive territory on hopes they would benefit from reconstruction efforts in Libya. Top builder Hyundai Engineering & Construction jumped 9.82 percent to 66,000 won.
In contrast, insurers closed lower, with leading non-life insurer Samsung Fire & Marine Insurance slumping 3.24 percent to 209,000 won.
The local currency closed at 1,078 won against the greenback, up 5.8 won from Monday's close, thanks to the KOSPI's strong rebound, dealers said.
mil@yna.co.kr
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 65.98 points, or 3.86 percent, to 1,776.68, snapping a three-session losing streak. Trading volume was heavy at 423.5 million shares worth 8 trillion (US$7.4 billion), with gainers far outnumbering losers 675 to 183.
"It was basically a technical rebound. Low prices attracted investors searching for bargains," said Han Chi-hwan, an analyst at Daewoo Securities Co.
South Korean stocks suffered steep losses in August as investors dumped shares on fears sparked by the first-ever U.S. credit rating and persisting debt risks in the eurozone. The KOSPI tumbled around 17 percent this month.
Shares gathered ground across the board, with blue-chip exporters leading the climb. Market bellwether Samsung Electronics jumped 4.63 percent to 723,000 won and No. 2 chipmaker Hynix Semiconductor gained 8.25 percent to 17,050 won.
Autos and chemicals, which had undergone bigger losses compared with other sectors, strongly rebounded. Top automaker Hyundai Motor soared 10.22 percent to 178,000 won and its smaller affiliate Kia Motors rose 9.32 percent to 64,500 won. Top chemical firm LG Chem closed at 343,000 won, up 13.39 percent from the previous close.
Oil refiners closed bullish with industry leader SK Innovation leaping 11.36 percent to 147,000 won.
"Sectors that went through the sharpest losses shot up the most as investors went bargain hunting," said Park Seung-jin, an analyst at Samsung Securities Co. "But it would be too hasty to say the KOSPI has gained its momentum."
Construction firms also landed in positive territory on hopes they would benefit from reconstruction efforts in Libya. Top builder Hyundai Engineering & Construction jumped 9.82 percent to 66,000 won.
In contrast, insurers closed lower, with leading non-life insurer Samsung Fire & Marine Insurance slumping 3.24 percent to 209,000 won.
The local currency closed at 1,078 won against the greenback, up 5.8 won from Monday's close, thanks to the KOSPI's strong rebound, dealers said.
mil@yna.co.kr
