ID :
63609
Mon, 06/01/2009 - 15:34
Auther :
Shortlink :
https://oananews.org//node/63609
The shortlink copeid
Seoul shares end 1.38 pct higher on foreign buying
SEOUL, June 1 (Yonhap) -- South Korean stocks closed 1.38 percent higher Monday
as foreign investors picked up financial and other big caps, shrugging off the
impact of General Motors' possible bankruptcy filing, analysts said. The local
currency hit an over 7-month high against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 19.21 points to
1,415.1. Volume was moderate at 540.4 million shares worth 5.97 trillion won
(US$4.82 billion), with gainers outpacing losers 537 to 263.
"The KOSPI extended gains, recapturing the 1,400-point level on foreign buying,"
said Kwak Joong-bo, an analyst at Hana Daetoo Securities Co. "The bourse shook
off heightened risks stemming from North Korea and a possible bankruptcy by GM as
investors have already factored those into the market."
The Seoul bourse traded in a narrow range in the morning session, but in late
trading it began to extend gains as foreign investors scooped up more stocks,
analysts said.
Starting Monday, a ban on short-selling of local non-financial stocks was lifted,
but its impact on the main bourse was limited.
Financial shares gained ground, led by foreign and institutional buying. KB
Financial Group, which controlls top lender Kookmin Bank, jumped 6.62 percent to
42,650 won and its rival Shinhan Financial Group gained 3.82 percent to 32,650
won.
Automakers closed mixed. Top automaker Hyundai Motor advanced 3.75 percent to
71,900 won and its rival Kia Motors rose 2.09 percent to 12,200 won on
expectations that a possible bankruptcy filing by ailing U.S. carmaker General
Motors will dispel uncertainty. But their smaller rival Ssangyong Motor declined
2.62 percent to 1,855 won on its decision to shut down its main factory south of
Seoul, responding to a labor strike staged ahead of massive job cuts.
Fixed-line telephony and Internet giant KT jumped 6.03 percent to 36,050 won on
the first day of the launch of its merger with KTF.
The local currency ended at 1,237.2 won against the U.S. dollar, up 17.8 won from
Friday's close, as foreign investors increased their holdings of Seoul stocks,
dealers said. The Korean won hit a yearly high and the highest level since Oct.
14, 2008 when the won closed at 1,208 won to the greenback.
sooyeon@yna.co.kr
(END)
as foreign investors picked up financial and other big caps, shrugging off the
impact of General Motors' possible bankruptcy filing, analysts said. The local
currency hit an over 7-month high against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 19.21 points to
1,415.1. Volume was moderate at 540.4 million shares worth 5.97 trillion won
(US$4.82 billion), with gainers outpacing losers 537 to 263.
"The KOSPI extended gains, recapturing the 1,400-point level on foreign buying,"
said Kwak Joong-bo, an analyst at Hana Daetoo Securities Co. "The bourse shook
off heightened risks stemming from North Korea and a possible bankruptcy by GM as
investors have already factored those into the market."
The Seoul bourse traded in a narrow range in the morning session, but in late
trading it began to extend gains as foreign investors scooped up more stocks,
analysts said.
Starting Monday, a ban on short-selling of local non-financial stocks was lifted,
but its impact on the main bourse was limited.
Financial shares gained ground, led by foreign and institutional buying. KB
Financial Group, which controlls top lender Kookmin Bank, jumped 6.62 percent to
42,650 won and its rival Shinhan Financial Group gained 3.82 percent to 32,650
won.
Automakers closed mixed. Top automaker Hyundai Motor advanced 3.75 percent to
71,900 won and its rival Kia Motors rose 2.09 percent to 12,200 won on
expectations that a possible bankruptcy filing by ailing U.S. carmaker General
Motors will dispel uncertainty. But their smaller rival Ssangyong Motor declined
2.62 percent to 1,855 won on its decision to shut down its main factory south of
Seoul, responding to a labor strike staged ahead of massive job cuts.
Fixed-line telephony and Internet giant KT jumped 6.03 percent to 36,050 won on
the first day of the launch of its merger with KTF.
The local currency ended at 1,237.2 won against the U.S. dollar, up 17.8 won from
Friday's close, as foreign investors increased their holdings of Seoul stocks,
dealers said. The Korean won hit a yearly high and the highest level since Oct.
14, 2008 when the won closed at 1,208 won to the greenback.
sooyeon@yna.co.kr
(END)
