ID :
204753
Thu, 09/01/2011 - 13:43
Auther :
Shortlink :
https://oananews.org//node/204753
The shortlink copeid
Seoul shares close flat on foreign buying
(ATTN: ADDS bond yields at bottom)
SEOUL, Sept. 1 (Yonhap) -- South Korean stocks ended almost flat on Thursday as concerns about the slowing global recovery outweighed foreign buying, analysts said. The local currency rose against the U.S. dollar.
After undergoing volatile trading, the benchmark Korea Composite Stock Price Index (KOSPI) inched up 0.59 points, or 0.03 percent, to close at 1,880.70. Trading volume was heavy at 495.3 million shares worth 8.61 trillion won (US$8.11 billion), but losers outpaced gainers 456 to 369.
"Foreign investors strongly expanded their purchases, but retail and institutional investors offloaded their stocks on lingering concerns about the slowing economy and corporate earnings," said Kwak Joong-bo, an analyst at Samsung Securities Co.
"As the eurozone debt fears and doubts about the health of the global recovery persist, the market's upward momentum was not that strong."
The KOSPI rose as much as 2.57 percent in early trading, powered by foreigners' buying spree, but its growth was curtailed by sell-offs by retail and institutional investors. Offshore investors bought a net 1.09 trillion won worth of Seoul shares on the main bourse.
But investor sentiment remained fragile on concerns that the growth of the local economy slowed down while inflation risks heightened. Korea's consumer prices jumped 5.3 percent in August from a year earlier, the fastest growth in three years.
The country's industrial output grew at the slowest pace in 10 months in July and the trade surplus sharply declined to $821 million last month.
CJ O Shopping and CJ CheilJedang, two units of CJ Group, closed weaker after the group said Wednesday that it will sell its 3.2 percent stake in Samsung Life Insurance to its affiliates. CJ O Shopping, a local cable home shopping channel, lost 1.55 percent to 273,700 won and CJ CheilJedang fell 2.75 percent to 318,000 won.
Market leader Samsung Electronics jumped 3.63 percent to 771,000 won and chip giant Hynix Semiconductor advanced 0.52 percent to 19,200 won.
Bank shares were under selling pressure on reports that their loan delinquency ratio rebounded in July. Top player KB Financial Group lost 1.59 percent to 43,400 won and its rival Shinhan Financial shed 2.45 percent to 43,800 won.
The local currency closed at 1,061.35 won to the greenback, up 5.45 won from Wednesday's close, as overseas investors bought more Korean shares than they sold, dealers said.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasuries fell 0.04 percentage point to 3.45 percent and the return on the benchmark five-year government bonds also dropped 0.04 percentage point to 3.58 percent
SEOUL, Sept. 1 (Yonhap) -- South Korean stocks ended almost flat on Thursday as concerns about the slowing global recovery outweighed foreign buying, analysts said. The local currency rose against the U.S. dollar.
After undergoing volatile trading, the benchmark Korea Composite Stock Price Index (KOSPI) inched up 0.59 points, or 0.03 percent, to close at 1,880.70. Trading volume was heavy at 495.3 million shares worth 8.61 trillion won (US$8.11 billion), but losers outpaced gainers 456 to 369.
"Foreign investors strongly expanded their purchases, but retail and institutional investors offloaded their stocks on lingering concerns about the slowing economy and corporate earnings," said Kwak Joong-bo, an analyst at Samsung Securities Co.
"As the eurozone debt fears and doubts about the health of the global recovery persist, the market's upward momentum was not that strong."
The KOSPI rose as much as 2.57 percent in early trading, powered by foreigners' buying spree, but its growth was curtailed by sell-offs by retail and institutional investors. Offshore investors bought a net 1.09 trillion won worth of Seoul shares on the main bourse.
But investor sentiment remained fragile on concerns that the growth of the local economy slowed down while inflation risks heightened. Korea's consumer prices jumped 5.3 percent in August from a year earlier, the fastest growth in three years.
The country's industrial output grew at the slowest pace in 10 months in July and the trade surplus sharply declined to $821 million last month.
CJ O Shopping and CJ CheilJedang, two units of CJ Group, closed weaker after the group said Wednesday that it will sell its 3.2 percent stake in Samsung Life Insurance to its affiliates. CJ O Shopping, a local cable home shopping channel, lost 1.55 percent to 273,700 won and CJ CheilJedang fell 2.75 percent to 318,000 won.
Market leader Samsung Electronics jumped 3.63 percent to 771,000 won and chip giant Hynix Semiconductor advanced 0.52 percent to 19,200 won.
Bank shares were under selling pressure on reports that their loan delinquency ratio rebounded in July. Top player KB Financial Group lost 1.59 percent to 43,400 won and its rival Shinhan Financial shed 2.45 percent to 43,800 won.
The local currency closed at 1,061.35 won to the greenback, up 5.45 won from Wednesday's close, as overseas investors bought more Korean shares than they sold, dealers said.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasuries fell 0.04 percentage point to 3.45 percent and the return on the benchmark five-year government bonds also dropped 0.04 percentage point to 3.58 percent
