ID :
203596
Fri, 08/26/2011 - 04:34
Auther :
Shortlink :
https://oananews.org//node/203596
The shortlink copeid
Seoul shares turn higher after weak start
SEOUL, Aug. 26 (Yonhap) -- South Korean stocks got off to a weak start on Friday but swung to positive territory on gains in chemical firms, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.78 points, or 0.33 percent, to 1,770.36 in the first 15 minutes of trading.
Foreigners and retail investors offloaded their holdings, but institutions went on a buying spree.
Chemicals powered the rise. Top chemical firm LG Chem climbed more than 2 percent after inking a deal with Kazakhstan Petrochemical Industries. The companies established a joint venture to push for a US$4 billion project to build a petrochemical complex in Atyrau on the northern banks of the Caspian Sea.
The local currency was trading at 1,086.65 won to the U.S. dollar as of 9:15 a.m., down 0.25 won from Thursday's close.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.78 points, or 0.33 percent, to 1,770.36 in the first 15 minutes of trading.
Foreigners and retail investors offloaded their holdings, but institutions went on a buying spree.
Chemicals powered the rise. Top chemical firm LG Chem climbed more than 2 percent after inking a deal with Kazakhstan Petrochemical Industries. The companies established a joint venture to push for a US$4 billion project to build a petrochemical complex in Atyrau on the northern banks of the Caspian Sea.
The local currency was trading at 1,086.65 won to the U.S. dollar as of 9:15 a.m., down 0.25 won from Thursday's close.
