ID :
165796
Fri, 03/04/2011 - 09:56
Auther :
Shortlink :
https://oananews.org//node/165796
The shortlink copeid
Seoul shares continue rally on foreign buying
(ATTN: ADDS bond yields at bottom)
SEOUL, March 4 (Yonhap) -- South Korean stocks closed 1.73 percent higher on Friday as foreigners beefed up buying amid waning worries over the Libyan unrest, analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 34.02 points to 2,004.68. Trading volume was moderate at 330.5 million shares worth 6.04 trillion won (US$5.4 billion), with gainers outnumbering losers 609 to 219.
"Foreigners' resumed buying drove up the KOSPI above the 2,000-mark," said Samsung Securities Co. analyst Kwak Joong-bo. "It seems that investor jitters over the Libyan unrest and a possible oil supply cut are cooling down."
Following a sixth straight session of net selling, foreign investors snapped up South Korean shares for a second day in a row.
"Minor falls may be seen following this week's two-day surge, but it is more likely that the upward trend will continue into next week," said Kwak.
Tech firms finished sharply higher with Samsung Electronics adding 2.38 percent to 945,000 won and Hynix Semiconductor, the world's No. 2 memory chip maker, rising 2.64 percent to 29,200 won. The chip giant on Thursday announced plans to pay its first-ever dividend to shareholders thanks to its all-time high profit last year.
Financial firms firmly gained on hopes South Korea's central bank may lift the key interest rate in a policy meeting on March 10. Shinhan Finanical Group, the country's No. 2 financial services provider, rose 4.28 percent to 50,000 won and Hana Financial Group, the fourth-largest financial group, surged 5.95 percent to 47,200 won.
Korea Express added 5.74 percent to 110,500 won ahead of the deadline for submission of letters of intent for a stake in the country's top logistics firm. Daewoo Engineering & Construction, a stakeholder of Korea Express, finished at 11,550 won, up 3.59 percent.
Retail giant Lotte Shopping jumped 6.54 percent to 407,500 won on growing views that it will benefit from solid consumer spending.
Iljin Materials, an electronics parts maker, finished at 14,100 won, down from its initial offering price of 15,800 won.
The local currency closed at 1,114.6 won to the U.S. dollar, up 5.3 won from Thursday's close, fueled by the KOSPI's solid rise, dealers said.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasuries rose 0.01 percentage point to 3.94 percent and the return on the benchmark five-year government bonds added 0.02 percentage point to 4.36 percent.
mil@yna.co.kr
SEOUL, March 4 (Yonhap) -- South Korean stocks closed 1.73 percent higher on Friday as foreigners beefed up buying amid waning worries over the Libyan unrest, analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 34.02 points to 2,004.68. Trading volume was moderate at 330.5 million shares worth 6.04 trillion won (US$5.4 billion), with gainers outnumbering losers 609 to 219.
"Foreigners' resumed buying drove up the KOSPI above the 2,000-mark," said Samsung Securities Co. analyst Kwak Joong-bo. "It seems that investor jitters over the Libyan unrest and a possible oil supply cut are cooling down."
Following a sixth straight session of net selling, foreign investors snapped up South Korean shares for a second day in a row.
"Minor falls may be seen following this week's two-day surge, but it is more likely that the upward trend will continue into next week," said Kwak.
Tech firms finished sharply higher with Samsung Electronics adding 2.38 percent to 945,000 won and Hynix Semiconductor, the world's No. 2 memory chip maker, rising 2.64 percent to 29,200 won. The chip giant on Thursday announced plans to pay its first-ever dividend to shareholders thanks to its all-time high profit last year.
Financial firms firmly gained on hopes South Korea's central bank may lift the key interest rate in a policy meeting on March 10. Shinhan Finanical Group, the country's No. 2 financial services provider, rose 4.28 percent to 50,000 won and Hana Financial Group, the fourth-largest financial group, surged 5.95 percent to 47,200 won.
Korea Express added 5.74 percent to 110,500 won ahead of the deadline for submission of letters of intent for a stake in the country's top logistics firm. Daewoo Engineering & Construction, a stakeholder of Korea Express, finished at 11,550 won, up 3.59 percent.
Retail giant Lotte Shopping jumped 6.54 percent to 407,500 won on growing views that it will benefit from solid consumer spending.
Iljin Materials, an electronics parts maker, finished at 14,100 won, down from its initial offering price of 15,800 won.
The local currency closed at 1,114.6 won to the U.S. dollar, up 5.3 won from Thursday's close, fueled by the KOSPI's solid rise, dealers said.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasuries rose 0.01 percentage point to 3.94 percent and the return on the benchmark five-year government bonds added 0.02 percentage point to 4.36 percent.
mil@yna.co.kr
