ID :
204368
Tue, 08/30/2011 - 14:05
Auther :
Shortlink :
https://oananews.org//node/204368
The shortlink copeid
Seoul shares rise 0.78 pct on U.S. optimism
SEOUL, Aug. 30 (Yonhap) -- South Korean stocks rose 0.78 percent Tuesday on growing hopes for another U.S. stimulus package and fresh signs of a recovery in the world's largest economy, analysts said. The local currency edged up against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 14.32 points to close at 1,843.82, extending the gaining run to a fourth session. Trading volume was heavy at 481.6 million shares worth 6.36 trillion won (US$5.94 billion), with gainers outpacing losers 550 to 284.
"Investors are relieved that U.S. policymakers still have ways to boost the economy," said Kim Young-jun, an analyst at SK Securities Co. "Investors are focused on Barack Obama's Labor Day speech next month and the September meeting of the Federal Reserve."
"They expect that the economy will make a rebound in the second half of the year," he added.
Foreign buying powered the rise as offshore investors bought a net 197 billion won worth of stocks, ending a three-session selling streak, while institutions offloaded a net 273.8 billion won worth of shares.
U.S. markets closed sharply higher on Monday as investors were boosted by a merger between Greece's two major banks and U.S. consumer spending recorded its largest increase in five months in July, supporting views the economy was not falling back into recession.
"But actually these factors are not big ones. We have to see U.S. consumer spending data for August, which is directly affected by the U.S. credit rating downgrade and Eurozone crisis," said Kim. "This uncertainty seems to limit the increase in the South Korean stock market."
Large-cap shares widely gained ground, with tech giant Samsung Electronics rising 1.23 percent to 742,000 won and smaller rival LG Electronics climbing 4.07 percent to 64,000 won.
Financials also supported the rise with top banking group Woori Financial Group adding 3.51 percent to 11,800 won and No. 2 player KB Financial Group rising 2.85 percent to 43,300 won.
Steelmakers and carmakers ended bullish. Leading steelmaker POSCO jumped 1.65 percent to finish at 401,000 won and top automaker Hyundai Motor advanced 0.77 percent to 196,500 won.
The local currency closed at 1,071.6 won to the greenback, up 2.4 won from Monday's close, as overseas investors bought more Korean shares than they sold, dealers said.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 14.32 points to close at 1,843.82, extending the gaining run to a fourth session. Trading volume was heavy at 481.6 million shares worth 6.36 trillion won (US$5.94 billion), with gainers outpacing losers 550 to 284.
"Investors are relieved that U.S. policymakers still have ways to boost the economy," said Kim Young-jun, an analyst at SK Securities Co. "Investors are focused on Barack Obama's Labor Day speech next month and the September meeting of the Federal Reserve."
"They expect that the economy will make a rebound in the second half of the year," he added.
Foreign buying powered the rise as offshore investors bought a net 197 billion won worth of stocks, ending a three-session selling streak, while institutions offloaded a net 273.8 billion won worth of shares.
U.S. markets closed sharply higher on Monday as investors were boosted by a merger between Greece's two major banks and U.S. consumer spending recorded its largest increase in five months in July, supporting views the economy was not falling back into recession.
"But actually these factors are not big ones. We have to see U.S. consumer spending data for August, which is directly affected by the U.S. credit rating downgrade and Eurozone crisis," said Kim. "This uncertainty seems to limit the increase in the South Korean stock market."
Large-cap shares widely gained ground, with tech giant Samsung Electronics rising 1.23 percent to 742,000 won and smaller rival LG Electronics climbing 4.07 percent to 64,000 won.
Financials also supported the rise with top banking group Woori Financial Group adding 3.51 percent to 11,800 won and No. 2 player KB Financial Group rising 2.85 percent to 43,300 won.
Steelmakers and carmakers ended bullish. Leading steelmaker POSCO jumped 1.65 percent to finish at 401,000 won and top automaker Hyundai Motor advanced 0.77 percent to 196,500 won.
The local currency closed at 1,071.6 won to the greenback, up 2.4 won from Monday's close, as overseas investors bought more Korean shares than they sold, dealers said.
