ID :
68740
Thu, 07/02/2009 - 19:32
Auther :
Shortlink :
https://oananews.org//node/68740
The shortlink copeid
Seoul shares inch down ahead of U.S. job data release
By Kim Soo-yeon
SEOUL, July 2 (Yonhap) -- South Korean stocks closed 0.01 percent lower Thursday
as investors await the release of U.S. job data for clues about an economic
recovery, analysts said. The local currency fell against the U.S. dollar.
After volatile trading, the benchmark Korea Composite Stock Price Index (KOSPI)
edged down 0.18 point to 1,411.48. Volume was moderate at 455.7 million shares
worth 4.63 trillion won (US$3.64 billion), with gainers outpacing losers 419 to
372.
"With a lack of additional upward momentum, the KOSPI traded without direction,"
said Kwak Joong-bo, an analyst at Hana Daetoo Securities Co. "But if the
second-quarter earnings kick off in full swing, the market is expected to get a
boost."
The KOSPI started higher, taking a cue from overnight gains in U.S. markets, but
it traded in a tight range throughout the session as caution set in ahead of the
announcement on key economic data, analysts said.
Top builder Daewoo Engineering & Construction Co. fell 4.46 percent to 12,850 won
amid a cloudy sales outlook. Its parent Kumho Asiana Group said Sunday it will
sell the builder in an effort to avert a worsening liquidity problem.
Leading carmaker Hyundai Motor declined 0.96 percent to 72,500 won despite a rosy
second-quarter earnings outlook.
But several bank shares gained ground. No. 1 financial services company Woori
Finance Holdings added 1.87 percent to 10,900 won and Korea Exchange Bank,
controlled by U.S. buyout fund Lone Star Funds, advanced 3.3 percent to 10,950
won.
Chip giant Hynix Semiconductor advanced 5.8 percent to 14,600 won as key chip
prices have been on an upward trend.
Reversing earlier gains, the local currency ended at 1,269.5 won against the
greenback, down 1.8 won from Wednesday's close, as importers snapped up the
dollar to cover debts. In early trading, the Korean won rose to as high as
1,257.5 won to the dollar on reports that South Korea's foreign exchange reserves
rose to a nine-month high in June, dealers said.
sooyeon@yna.co.kr
(END)
SEOUL, July 2 (Yonhap) -- South Korean stocks closed 0.01 percent lower Thursday
as investors await the release of U.S. job data for clues about an economic
recovery, analysts said. The local currency fell against the U.S. dollar.
After volatile trading, the benchmark Korea Composite Stock Price Index (KOSPI)
edged down 0.18 point to 1,411.48. Volume was moderate at 455.7 million shares
worth 4.63 trillion won (US$3.64 billion), with gainers outpacing losers 419 to
372.
"With a lack of additional upward momentum, the KOSPI traded without direction,"
said Kwak Joong-bo, an analyst at Hana Daetoo Securities Co. "But if the
second-quarter earnings kick off in full swing, the market is expected to get a
boost."
The KOSPI started higher, taking a cue from overnight gains in U.S. markets, but
it traded in a tight range throughout the session as caution set in ahead of the
announcement on key economic data, analysts said.
Top builder Daewoo Engineering & Construction Co. fell 4.46 percent to 12,850 won
amid a cloudy sales outlook. Its parent Kumho Asiana Group said Sunday it will
sell the builder in an effort to avert a worsening liquidity problem.
Leading carmaker Hyundai Motor declined 0.96 percent to 72,500 won despite a rosy
second-quarter earnings outlook.
But several bank shares gained ground. No. 1 financial services company Woori
Finance Holdings added 1.87 percent to 10,900 won and Korea Exchange Bank,
controlled by U.S. buyout fund Lone Star Funds, advanced 3.3 percent to 10,950
won.
Chip giant Hynix Semiconductor advanced 5.8 percent to 14,600 won as key chip
prices have been on an upward trend.
Reversing earlier gains, the local currency ended at 1,269.5 won against the
greenback, down 1.8 won from Wednesday's close, as importers snapped up the
dollar to cover debts. In early trading, the Korean won rose to as high as
1,257.5 won to the dollar on reports that South Korea's foreign exchange reserves
rose to a nine-month high in June, dealers said.
sooyeon@yna.co.kr
(END)
