ID :
203437
Thu, 08/25/2011 - 10:48
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https://oananews.org//node/203437
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South Korean stocks closed 0.56 percent higher
SEOUL, Aug. 25 (Yonhap) -- South Korean stocks closed 0.56 percent higher on Thursday on hopes Apple Inc. Chief Executive Officer (CEO) Steve Jobs' resignation would benefit local companies, but gains were limited due to lingering market jitters, analysts said. The local currency dropped against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 9.8 points to 1,764.58. Trading volume was moderate at 391.2 million shares worth 5.9 trillion won (US$5.4 billion), with losers outnumbering gainers 438 to 394.
"Tech shares gathered ground on optimism that Jobs' resignation would bode well for local players. But sharp gains in the morning session were later trimmed due to weak momentum," said Lim Dong-lak, an analyst at Hanyang Securities Co.
Shares jumped as much as 2.79 percent in early trading, but gave up earlier gains as foreigners and retail investors dumped shares.
"Investors are still nervous about a global economic slowdown and how U.S. policymakers will revive their economy," said Lim, adding that investors should keep tabs on the impact of the Jackson Hole meeting scheduled for later this week.
Central bankers from around the world are set to gather in Jackson Hole, Wyoming, for their annual meeting, where U.S. Federal Reserve chief Ben Bernanke is expected to give a speech that may include an announcement on fresh stimulus measures, such as a third round of quantitative easing.
Tech heavyweights closed bullish on hopes Jobs' departure would help local smartphone makers grab a bigger slice of the competitive market. Samsung Electronics rose 2.4 percent to 725,000 won, despite a Dutch court ruling on Wednesday that would ban the tech behemoth from marketing some of its smartphone models in some European countries for three months. LG Electronics gained 1.27 percent to 55,700 won.
Blue-chip exporters also boosted the KOSPI. No. 1 carmaker Hyundai Motor jumped 4.43 percent to 188,500 won and leading shipyard Hyundai Heavy Industries gained 3.29 percent to 313,500 won.
In contrast, retailers ended bearish. Retail giant Lotte Shopping lost 3.31 percent to 423,000 won and discount chain operator E-Mart slumped 3.59 percent to 282,000 won.
Korea Zinc, the world's No. 2 zinc smelter, dropped 4.42 percent to 411,000 won, due to a fall in gold prices.
The local currency closed at 1,086.4 won against the greenback, down 4.2 won from Thursday's close, amid doubts that Bernanke's speech at the central bankers' meeting would fall short of market expectations, dealers said.
mil@yna.co.kr
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 9.8 points to 1,764.58. Trading volume was moderate at 391.2 million shares worth 5.9 trillion won (US$5.4 billion), with losers outnumbering gainers 438 to 394.
"Tech shares gathered ground on optimism that Jobs' resignation would bode well for local players. But sharp gains in the morning session were later trimmed due to weak momentum," said Lim Dong-lak, an analyst at Hanyang Securities Co.
Shares jumped as much as 2.79 percent in early trading, but gave up earlier gains as foreigners and retail investors dumped shares.
"Investors are still nervous about a global economic slowdown and how U.S. policymakers will revive their economy," said Lim, adding that investors should keep tabs on the impact of the Jackson Hole meeting scheduled for later this week.
Central bankers from around the world are set to gather in Jackson Hole, Wyoming, for their annual meeting, where U.S. Federal Reserve chief Ben Bernanke is expected to give a speech that may include an announcement on fresh stimulus measures, such as a third round of quantitative easing.
Tech heavyweights closed bullish on hopes Jobs' departure would help local smartphone makers grab a bigger slice of the competitive market. Samsung Electronics rose 2.4 percent to 725,000 won, despite a Dutch court ruling on Wednesday that would ban the tech behemoth from marketing some of its smartphone models in some European countries for three months. LG Electronics gained 1.27 percent to 55,700 won.
Blue-chip exporters also boosted the KOSPI. No. 1 carmaker Hyundai Motor jumped 4.43 percent to 188,500 won and leading shipyard Hyundai Heavy Industries gained 3.29 percent to 313,500 won.
In contrast, retailers ended bearish. Retail giant Lotte Shopping lost 3.31 percent to 423,000 won and discount chain operator E-Mart slumped 3.59 percent to 282,000 won.
Korea Zinc, the world's No. 2 zinc smelter, dropped 4.42 percent to 411,000 won, due to a fall in gold prices.
The local currency closed at 1,086.4 won against the greenback, down 4.2 won from Thursday's close, amid doubts that Bernanke's speech at the central bankers' meeting would fall short of market expectations, dealers said.
mil@yna.co.kr
