ID :
103196
Thu, 01/28/2010 - 22:51
Auther :
Shortlink :
https://www.oananews.org//node/103196
The shortlink copeid
Seoul stocks end up 1.04 pct on bargain hunting, U.S. plan
SEOUL, Jan. 28 (Yonhap) -- South Koren stocks closed 1 percent higher Thursday as
investors went bargain hunting following a four-day losing streak and a U.S.
stimulus plan boosted market sentiment, analysts said. The local currency rose
against the U.S. dollar.
Capping a fourth-straight losing session, the benchmark Korea Composite Stock
Price Index (KOSPI) advanced 16.95 points to end at 1,642.43. Volume was moderate
at 473.3 million shares, worth 5.4 trillion won (US$4.7 billion), with gainers
outnumbering losers 441 to 325.
"After opening in a tight range, the market sharply rebounded on (U.S. President
Barack) Obama's plan to support the middle class in his State of the Union
address," said Kim Jung-won, an analyst at HMC Securities. "The U.S. vow is
expected to help reduce unemployment while boosting consumer demand".
Steep falls in recent sessions also gave rise to bargain hunting with foreign
investors scooping up a net 134 million won worth of local shares".
IT and auto exporters led the market advance as recent falls in the local
currency prompted investors to bet on a jump in their overseas sales.
The world's top memory chip-maker Samsung Electronics rose 1 percent to 808,000
won and smaller electronics rival LG Electronics advanced 4.68 percent to settle
at 40,300 won.
South Korea's biggest auto maker Hyundai Motor soared 4.13 percent to 113,500 won
after the company said its 2009 net income almost doubled to 2.96 trillion won in
2009 from a year earlier.
Kia Motors, Hyundai's smaller affiliate, also jumped 4.24 percent to 19,650 won.
Financial shares, recently beaten down on a U.S plan to regulate banks, also
gathered ground.
Third-largest Shinhan Financial Group, which controls Shinhan Bank, surged 6.24
percent to 41,700 won and KB Financial Group, the parent for top lender Kookmin
Bank, also spiked 5.34 percent to end at 52,300 won.
The local currency ended at 1,151.60 won to the U.S. dollar, up 8.30 percent from
Wednesday's close as foreigners lapped up the unit to buy into local shares,
dealers said.
pbr@yna.co.kr
(END)
investors went bargain hunting following a four-day losing streak and a U.S.
stimulus plan boosted market sentiment, analysts said. The local currency rose
against the U.S. dollar.
Capping a fourth-straight losing session, the benchmark Korea Composite Stock
Price Index (KOSPI) advanced 16.95 points to end at 1,642.43. Volume was moderate
at 473.3 million shares, worth 5.4 trillion won (US$4.7 billion), with gainers
outnumbering losers 441 to 325.
"After opening in a tight range, the market sharply rebounded on (U.S. President
Barack) Obama's plan to support the middle class in his State of the Union
address," said Kim Jung-won, an analyst at HMC Securities. "The U.S. vow is
expected to help reduce unemployment while boosting consumer demand".
Steep falls in recent sessions also gave rise to bargain hunting with foreign
investors scooping up a net 134 million won worth of local shares".
IT and auto exporters led the market advance as recent falls in the local
currency prompted investors to bet on a jump in their overseas sales.
The world's top memory chip-maker Samsung Electronics rose 1 percent to 808,000
won and smaller electronics rival LG Electronics advanced 4.68 percent to settle
at 40,300 won.
South Korea's biggest auto maker Hyundai Motor soared 4.13 percent to 113,500 won
after the company said its 2009 net income almost doubled to 2.96 trillion won in
2009 from a year earlier.
Kia Motors, Hyundai's smaller affiliate, also jumped 4.24 percent to 19,650 won.
Financial shares, recently beaten down on a U.S plan to regulate banks, also
gathered ground.
Third-largest Shinhan Financial Group, which controls Shinhan Bank, surged 6.24
percent to 41,700 won and KB Financial Group, the parent for top lender Kookmin
Bank, also spiked 5.34 percent to end at 52,300 won.
The local currency ended at 1,151.60 won to the U.S. dollar, up 8.30 percent from
Wednesday's close as foreigners lapped up the unit to buy into local shares,
dealers said.
pbr@yna.co.kr
(END)
