ID :
211507
Thu, 10/06/2011 - 11:03
Auther :
Shortlink :
https://oananews.org//node/211507
The shortlink copeid
(LEAD) Seoul shares soar 2.63 pct on eased European woes
(ATTN: ADDS bond yields at bottom)
SEOUL, Oct. 6 (Yonhap) -- South Korean stocks surged 2.63 percent on Thursday as investors rushed to pick up beaten-down shares on rallies in the U.S. and European markets, analysts said. The local currency edged down against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) spiked 43.8 points to 1,710.32, snapping a two-day losing run. Trading volume was moderate at 347.7 million shares worth 7.8 trillion won (US$6.5 billion) with gainers outnumbering losers 665 to 193.
"European finance ministers agreed to safeguard banks. And better-than-expected data from the U.S. helped calm fears about the global economy," said analyst Kwak Byung-ryul of Eugene Investment & Securities Co.
"South Korea has been one of the biggest losers over the past few days, hit hard by external factors. Good news from the U.S. and Europe pulled the Korean market upward."
KOSPI lost nearly 100 points on Tuesday and Wednesday, sparked by renewed Greek debt fears and a downgrade of Italy's credit rating.
"But this is a technical rebound following a huge loss in the previous sessions. It's not the start of a bull run," said Kwak. "Next week there are many political and financial issues that could affect the market. Fluctuation will be wider."
Foreigners and institutions led the rally. Foreigners bought a net 120.6 billion won worth of shares, after two sessions of net selling, and institutions snapped up 456.2 billion won.
Gains were led by tech firms, banks and shipbuilders, which underwent sharp falls in the previous session.
Samsung Electronics, the world's second-largest mobile phone manufacturer, rose 1.54 percent to 855,000 won, and its rival LG Electronics soared 6.33 percent to finish at 739,000 won, partly on reports that Steve Jobs, founder of U.S. tech giant Apple, had died.
Banks made a big rebound, with KB Financial Group surging 8.03 percent to 41,700 won and Shinhan Financial Group spiking 6.78 won to close at 42,500 won.
The world's largest shipyard, Hyundai Heavy Industries, shot up 10.2 percent to 280,000 won and Samsung Heavy Industries jumped 9.38 percent to finish at 274,00 won.
But leading carmaker Hyundai Motor lost 1.27 percent to 194,500 won and its smaller affiliate Kia Motors fell 0.75 percent to 66,500 won.
The local currency closed at 1,191.3 won to the greenback, down 0.9 won from Wednesday's close, as investor appetite for safe-haven assets grew, dealers said.
Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasuries fell 0.01 percentage point to 3.43 percent but the return on the benchmark five-year government bonds rose 0.01 percentage point to 3.55 percent.
brk@yna.co.kr
(END)
SEOUL, Oct. 6 (Yonhap) -- South Korean stocks surged 2.63 percent on Thursday as investors rushed to pick up beaten-down shares on rallies in the U.S. and European markets, analysts said. The local currency edged down against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) spiked 43.8 points to 1,710.32, snapping a two-day losing run. Trading volume was moderate at 347.7 million shares worth 7.8 trillion won (US$6.5 billion) with gainers outnumbering losers 665 to 193.
"European finance ministers agreed to safeguard banks. And better-than-expected data from the U.S. helped calm fears about the global economy," said analyst Kwak Byung-ryul of Eugene Investment & Securities Co.
"South Korea has been one of the biggest losers over the past few days, hit hard by external factors. Good news from the U.S. and Europe pulled the Korean market upward."
KOSPI lost nearly 100 points on Tuesday and Wednesday, sparked by renewed Greek debt fears and a downgrade of Italy's credit rating.
"But this is a technical rebound following a huge loss in the previous sessions. It's not the start of a bull run," said Kwak. "Next week there are many political and financial issues that could affect the market. Fluctuation will be wider."
Foreigners and institutions led the rally. Foreigners bought a net 120.6 billion won worth of shares, after two sessions of net selling, and institutions snapped up 456.2 billion won.
Gains were led by tech firms, banks and shipbuilders, which underwent sharp falls in the previous session.
Samsung Electronics, the world's second-largest mobile phone manufacturer, rose 1.54 percent to 855,000 won, and its rival LG Electronics soared 6.33 percent to finish at 739,000 won, partly on reports that Steve Jobs, founder of U.S. tech giant Apple, had died.
Banks made a big rebound, with KB Financial Group surging 8.03 percent to 41,700 won and Shinhan Financial Group spiking 6.78 won to close at 42,500 won.
The world's largest shipyard, Hyundai Heavy Industries, shot up 10.2 percent to 280,000 won and Samsung Heavy Industries jumped 9.38 percent to finish at 274,00 won.
But leading carmaker Hyundai Motor lost 1.27 percent to 194,500 won and its smaller affiliate Kia Motors fell 0.75 percent to 66,500 won.
The local currency closed at 1,191.3 won to the greenback, down 0.9 won from Wednesday's close, as investor appetite for safe-haven assets grew, dealers said.
Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasuries fell 0.01 percentage point to 3.43 percent but the return on the benchmark five-year government bonds rose 0.01 percentage point to 3.55 percent.
brk@yna.co.kr
(END)
