ID :
209657
Tue, 09/27/2011 - 10:24
Auther :
Shortlink :
https://oananews.org//node/209657
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Seoul shares soar on eurozone optimism
SEOUL, Sept. 27 (Yonhap) -- South Korean stocks surged 5.02 percent Tuesday as foreigners shifted to buying mode on hopes eurozone leaders may soon resolve their debt problem, analysts said. The local currency jumped against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 83 points to 1,735.71, snapping a three-session losing run. Trading volume was moderate at 334.5 million shares worth 6.1 trillion won (US$5.2 billion), with gainers outnumbering losers 740 to 133.
"Foreigners snapped up local shares on hopes eurozone policymakers will act to step up measures such as the European Financial Stability Fund," said Lee Kyung-soo, an analyst at Shinyoung Securities Co. "Their buying gave a relatively big boost to the highly volatile market."
"But it's too early to conclude their buying indicates a change in investor sentiment," Lee said, adding that low shares prices were also key contributors to the KOSPI's surge.
Foreigners bought a net 166 billion won after dumping 1.2 trillion won worth of shares over the last three sessions.
Shares gathered ground across the board with blue-chip heavyweights powering the climb. Market bellwether Samsung Electronics gained 3.74 percent to 804,000 won and top automaker Hyundai Motor rose 5.61 percent to 207,000 won.
Financial institutions were also bullish with KB Financial Group, the parent of top lender Kookmin Bank, jumping 9.17 percent to 38,100 won, and smaller Shinhan Financial Group adding 7.8 percent to 40,100 won.
Hanjin Shipping, however, tumbled 10.3 percent to 10,450 won. The top shipping line had fallen by the daily limit in the two previous sessions after announcing a share sale plan.
Mobile carriers also ended in negative territory. Industry leader SK Telecom fell 1.61 percent to 153,000 won on concerns it may take some time for the company to fully adopt long-term evolution technology.
The local currency closed at 1,173.1 won against the greenback, up 22.7 won from Monday's close, as foreigners picked up the local unit to buy equities, dealers said.
mil@yna.co.kr
(END)
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 83 points to 1,735.71, snapping a three-session losing run. Trading volume was moderate at 334.5 million shares worth 6.1 trillion won (US$5.2 billion), with gainers outnumbering losers 740 to 133.
"Foreigners snapped up local shares on hopes eurozone policymakers will act to step up measures such as the European Financial Stability Fund," said Lee Kyung-soo, an analyst at Shinyoung Securities Co. "Their buying gave a relatively big boost to the highly volatile market."
"But it's too early to conclude their buying indicates a change in investor sentiment," Lee said, adding that low shares prices were also key contributors to the KOSPI's surge.
Foreigners bought a net 166 billion won after dumping 1.2 trillion won worth of shares over the last three sessions.
Shares gathered ground across the board with blue-chip heavyweights powering the climb. Market bellwether Samsung Electronics gained 3.74 percent to 804,000 won and top automaker Hyundai Motor rose 5.61 percent to 207,000 won.
Financial institutions were also bullish with KB Financial Group, the parent of top lender Kookmin Bank, jumping 9.17 percent to 38,100 won, and smaller Shinhan Financial Group adding 7.8 percent to 40,100 won.
Hanjin Shipping, however, tumbled 10.3 percent to 10,450 won. The top shipping line had fallen by the daily limit in the two previous sessions after announcing a share sale plan.
Mobile carriers also ended in negative territory. Industry leader SK Telecom fell 1.61 percent to 153,000 won on concerns it may take some time for the company to fully adopt long-term evolution technology.
The local currency closed at 1,173.1 won against the greenback, up 22.7 won from Monday's close, as foreigners picked up the local unit to buy equities, dealers said.
mil@yna.co.kr
(END)
