ID :
107098
Wed, 02/17/2010 - 15:40
Auther :
Shortlink :
https://www.oananews.org//node/107098
The shortlink copeid
Seoul stocks close up 1.65 pct on eased Greek woes
(ATTN: ADDS bond yields at bottom)
SEOUL, Feb. 17 (Yonhap) -- South Korean stocks finished up 1.65 percent Wednesday
as eased fears over Greek sovereign debt sparked appetite for risky assets,
analysts said. The local currency rose sharply against the U.S. dollar.
Extending two straight days of gains, the benchmark Korea Composite Stock Price
Index (KOSPI) advanced 26.38 points to end at 1,627.43. Trading volume was
moderate at 377.7 million shares, worth 4 trillion won (US$3.5 billion) with
winners outpacing lowers 547 to 241.
"European governments' preliminary agreement to rescue debt-bloated Greece
rekindled risk appetites, sending the value of the U.S. dollar up sharply against
the euro and pushing up prices for crude oil, gold and equities," said Kim
Hyoung-ryoul, an analyst at NH Investment & Securities.
Massive stock purchases by foreign investors were the key driver of the market
rallies. Overseas buyers scooped up a net 370 billion won of local shares, the
biggest one-day purchase since Jan. 15.
Financial companies were among the biggest winners as investors brushed off
jitters over lenders' exposure to debt-ridden European countries following the
plan to salvage Greece.
KB Financial Group, the parent for top lender Kookmin Bank, spiked 5 percent to
52,500 won and No. 4 Hana Financial Group rose 2.83 percent to 32,750 won.
Blue-chip tech shares also added steep gains with mobile hand-set maker and
computer memory-chip giant Samsung Electronics jumping 3.04 percent to 779,000
won. Display behemoth LG Display spiked 4.21 percent to 38,350 won and Hynix
Semiconductor surged 4.93 percent to settle at 22,350 won.
Units of STX Group tumbled sharply after the group reportedly expressed an
interest in acquiring a stake in the nation's fourth-largest builder Daewoo
Engineering & Construction, now controlled by financially troubled Kumho Asiana
Group. STX Pan Ocean, the top bulk shipper, slid 5.86 percent to 11,250 won and
STX Enpaco, maker of parts for vessel engine, also skid 4.37 percent to end at
10,950 won.
Daewoo Engineering & Construction closed up 3.98 percent to settle at 11,750 won.
Main-stream constructor Samsung C&T also added 1.38 percent to 58,800 won on news
that the company won an order to build five solar power plants on California,
U.S. in a joint building project with American energy company Solar Managers.
The local currency ended at 1,142.20 won versus the greenback, up 9.30 won from
Tuesday's close. The Korean won shot up to the highest close in nearly four weeks
after foreign investors lapped up the unit to buy into local equities, dealers
said.
Bond prices, which move inversely to yields, closed mixed. The yield on the
benchmark three-year Treasury note fell 0.02 percentage point at 4.10 percent,
and the return on five-year government bonds closed flat at 4.73 percent.
pbr@yna.co.kr
(END)
SEOUL, Feb. 17 (Yonhap) -- South Korean stocks finished up 1.65 percent Wednesday
as eased fears over Greek sovereign debt sparked appetite for risky assets,
analysts said. The local currency rose sharply against the U.S. dollar.
Extending two straight days of gains, the benchmark Korea Composite Stock Price
Index (KOSPI) advanced 26.38 points to end at 1,627.43. Trading volume was
moderate at 377.7 million shares, worth 4 trillion won (US$3.5 billion) with
winners outpacing lowers 547 to 241.
"European governments' preliminary agreement to rescue debt-bloated Greece
rekindled risk appetites, sending the value of the U.S. dollar up sharply against
the euro and pushing up prices for crude oil, gold and equities," said Kim
Hyoung-ryoul, an analyst at NH Investment & Securities.
Massive stock purchases by foreign investors were the key driver of the market
rallies. Overseas buyers scooped up a net 370 billion won of local shares, the
biggest one-day purchase since Jan. 15.
Financial companies were among the biggest winners as investors brushed off
jitters over lenders' exposure to debt-ridden European countries following the
plan to salvage Greece.
KB Financial Group, the parent for top lender Kookmin Bank, spiked 5 percent to
52,500 won and No. 4 Hana Financial Group rose 2.83 percent to 32,750 won.
Blue-chip tech shares also added steep gains with mobile hand-set maker and
computer memory-chip giant Samsung Electronics jumping 3.04 percent to 779,000
won. Display behemoth LG Display spiked 4.21 percent to 38,350 won and Hynix
Semiconductor surged 4.93 percent to settle at 22,350 won.
Units of STX Group tumbled sharply after the group reportedly expressed an
interest in acquiring a stake in the nation's fourth-largest builder Daewoo
Engineering & Construction, now controlled by financially troubled Kumho Asiana
Group. STX Pan Ocean, the top bulk shipper, slid 5.86 percent to 11,250 won and
STX Enpaco, maker of parts for vessel engine, also skid 4.37 percent to end at
10,950 won.
Daewoo Engineering & Construction closed up 3.98 percent to settle at 11,750 won.
Main-stream constructor Samsung C&T also added 1.38 percent to 58,800 won on news
that the company won an order to build five solar power plants on California,
U.S. in a joint building project with American energy company Solar Managers.
The local currency ended at 1,142.20 won versus the greenback, up 9.30 won from
Tuesday's close. The Korean won shot up to the highest close in nearly four weeks
after foreign investors lapped up the unit to buy into local equities, dealers
said.
Bond prices, which move inversely to yields, closed mixed. The yield on the
benchmark three-year Treasury note fell 0.02 percentage point at 4.10 percent,
and the return on five-year government bonds closed flat at 4.73 percent.
pbr@yna.co.kr
(END)
