ID :
67724
Thu, 06/25/2009 - 20:28
Auther :
Shortlink :
https://oananews.org//node/67724
The shortlink copeid
Seoul stocks end 2.12 pct up on U.S. rate freeze
(ATTN: ADDD bond yields at bottom)
By Park Bo-ram
SEOUL, June 25 (Yonhap) -- South Korean stocks closed 2.12 percent higher
Thursday as an overnight U.S. rate freeze eased investor jitters, analysts said.
The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 28.94 points to
1,392.73. Volume was moderate at 439.8 million shares worth 5.1 trillion won
(US$3.96 billion), with winners outpacing losers 678 to 155.
"Overseas and institutional investors scooped up Korean shares after the Fed kept
its key rate unchanged at a near-zero percent, saying it will maintain a soft
bias," said Lee Young, an analyst at IBK Securities.
Underpinning investor sentiment, the South Korean government also pledged to
continue its economic stimulus policy after revising up its 2009 growth forecast
to minus 1.5 percent from a contraction of 2 percent.
Most sectors gained ground as investors went on a broad-based buying spree.
POSCO, Asia's third-largest steel maker, jumped 2.46 percent to 416,000 won.
Tech shares extended steep gains on positive earnings forecasts for the second
quarter. Market leading memory-chip maker Samsung Electronics climbed 1.38
percent to 588,000 won and tech giant LG Electronics rose 2.18 percent to 117,000
won.
Retailers saw a boost after the Bank of Korea said consumer confidence rose for a
third month in June to the highest level since the third quarter in 2007 amid
increasing economic activity.
Lotte Shopping surged 3.33 percent to 248,000 won and its smaller rival Hyundai
Department Store also gained 1.78 percent to end at 85,600 won.
NHN, the operator of the nation's largest Internet portal, Naver, advanced 3.89
percent to 173,500 won, bolstered by bargain hunting.
The local currency finished at 1,288.8 won to the U.S. dollar, down 5.3 won from
Wednesday's close, as importers snapped up dollars to pay bills, dealers said.
Bond prices, which move inversely to yields, closed lower. The return on
three-year Treasuries rose 0.10 percentage point to 4.17 percent and the
benchmark yield on five-year government bonds also climbed 0.05 percentage point
to 4.70 percent.
pbr@yna.co.kr
(END)
By Park Bo-ram
SEOUL, June 25 (Yonhap) -- South Korean stocks closed 2.12 percent higher
Thursday as an overnight U.S. rate freeze eased investor jitters, analysts said.
The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 28.94 points to
1,392.73. Volume was moderate at 439.8 million shares worth 5.1 trillion won
(US$3.96 billion), with winners outpacing losers 678 to 155.
"Overseas and institutional investors scooped up Korean shares after the Fed kept
its key rate unchanged at a near-zero percent, saying it will maintain a soft
bias," said Lee Young, an analyst at IBK Securities.
Underpinning investor sentiment, the South Korean government also pledged to
continue its economic stimulus policy after revising up its 2009 growth forecast
to minus 1.5 percent from a contraction of 2 percent.
Most sectors gained ground as investors went on a broad-based buying spree.
POSCO, Asia's third-largest steel maker, jumped 2.46 percent to 416,000 won.
Tech shares extended steep gains on positive earnings forecasts for the second
quarter. Market leading memory-chip maker Samsung Electronics climbed 1.38
percent to 588,000 won and tech giant LG Electronics rose 2.18 percent to 117,000
won.
Retailers saw a boost after the Bank of Korea said consumer confidence rose for a
third month in June to the highest level since the third quarter in 2007 amid
increasing economic activity.
Lotte Shopping surged 3.33 percent to 248,000 won and its smaller rival Hyundai
Department Store also gained 1.78 percent to end at 85,600 won.
NHN, the operator of the nation's largest Internet portal, Naver, advanced 3.89
percent to 173,500 won, bolstered by bargain hunting.
The local currency finished at 1,288.8 won to the U.S. dollar, down 5.3 won from
Wednesday's close, as importers snapped up dollars to pay bills, dealers said.
Bond prices, which move inversely to yields, closed lower. The return on
three-year Treasuries rose 0.10 percentage point to 4.17 percent and the
benchmark yield on five-year government bonds also climbed 0.05 percentage point
to 4.70 percent.
pbr@yna.co.kr
(END)
