ID :
70663
Thu, 07/16/2009 - 15:23
Auther :
Shortlink :
https://oananews.org//node/70663
The shortlink copeid
Seoul shares up 0.8 pct on upbeat earnings outlooks
SEOUL, July 16 (Yonhap) -- South Korean stocks ended up 0.8 percent Thursday as investors scooped up shipyard, steel and auto shares on upbeat outlooks for their earnings, analysts said. The local currency jumped against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.36 points to
1,432.22, advancing for the third consecutive day. Volume was moderate at 417.43
million shares worth 5.4 trillion won (US$4.3 billion). Despite the gains, losers
outnumbered winners 426 to 366.
"The earnings surprise from the U.S. financial and IT sector and positive
forecast on the second and third quarters bolstered market sentiment here,
prompting foreign buying" said Lee Jae-man, an analyst at Tongyang Securities.
Foreign investors expanded holdings of local equities, more than offsetting
sell-offs by institutions and retailers. Their net purchase amounted to over 500
billion won.
Shipbuilders rallied on hopes that demand for new vessels will revive in the
third quarter. Industry leader Hyundai Heavy Industries jumped 4.95 percent to
191,000 won, while second-ranked Samsung Heavy Industries soared 9.51 percent to
close at 28,800 won.
Steel shares traded in positive territory on expectations that earnings will
improve down the road after hitting bottom in the second quarter. POSCO, Asia's
third-largest steel maker, gained 1.7 percent to 449,500 won.
Rosy earnings outlooks also sent auto issues higher. Top carmaker Hyundai Motor
jumped 2.12 percent to 77,100 won, though its affiliate and No. 2 player Kia
Motors closed unchanged at 14,450 won after rising over 2 percent at one point.
Telecoms, however, were dented. Leading mobile carrier SK Telecom lost 0.57
percent to 175,000 won, while smallest carrier LG Telecom plunged 3.41 percent to
8,500 won.
The local currency ended at 1,265.7 won against the dollar, up 12.8 won from
Wednesday's close, as offshore investors unloaded the greenback, dealers said.
Bond prices, which move inversely to yields, closed mixed. The return on
three-year Treasuries finished unchanged at 3.99 percent, but the benchmark yield
on five-year government bonds dropped 0.03 percentage point to 4.51 percent.
kokobj@yna.co.kr
The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.36 points to
1,432.22, advancing for the third consecutive day. Volume was moderate at 417.43
million shares worth 5.4 trillion won (US$4.3 billion). Despite the gains, losers
outnumbered winners 426 to 366.
"The earnings surprise from the U.S. financial and IT sector and positive
forecast on the second and third quarters bolstered market sentiment here,
prompting foreign buying" said Lee Jae-man, an analyst at Tongyang Securities.
Foreign investors expanded holdings of local equities, more than offsetting
sell-offs by institutions and retailers. Their net purchase amounted to over 500
billion won.
Shipbuilders rallied on hopes that demand for new vessels will revive in the
third quarter. Industry leader Hyundai Heavy Industries jumped 4.95 percent to
191,000 won, while second-ranked Samsung Heavy Industries soared 9.51 percent to
close at 28,800 won.
Steel shares traded in positive territory on expectations that earnings will
improve down the road after hitting bottom in the second quarter. POSCO, Asia's
third-largest steel maker, gained 1.7 percent to 449,500 won.
Rosy earnings outlooks also sent auto issues higher. Top carmaker Hyundai Motor
jumped 2.12 percent to 77,100 won, though its affiliate and No. 2 player Kia
Motors closed unchanged at 14,450 won after rising over 2 percent at one point.
Telecoms, however, were dented. Leading mobile carrier SK Telecom lost 0.57
percent to 175,000 won, while smallest carrier LG Telecom plunged 3.41 percent to
8,500 won.
The local currency ended at 1,265.7 won against the dollar, up 12.8 won from
Wednesday's close, as offshore investors unloaded the greenback, dealers said.
Bond prices, which move inversely to yields, closed mixed. The return on
three-year Treasuries finished unchanged at 3.99 percent, but the benchmark yield
on five-year government bonds dropped 0.03 percentage point to 4.51 percent.
kokobj@yna.co.kr
