ID :
193198
Wed, 07/06/2011 - 11:11
Auther :
Shortlink :
https://www.oananews.org//node/193198
The shortlink copeid
Seoul shares up 0.44 pct despite Portugal woes
(ATTN: ADDS bond yields at bottom; UPDATES para 12)
SEOUL, July 6 (Yonhap) -- South Korean stocks closed 0.44 percent higher on Wednesday as investors shook off the impact of Portugal's debt rating cut, analysts said. The local currency gathered ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 9.44 points to 2,171.19, rising for a sixth session. Trading volume was moderate at 271.4 million shares worth 7.1 trillion won (US$6.7 billion), with gainers outpacing losers 456 to 351.
"The Portuguese debt crisis is not a small issue, but investors shrugged off the news, believing the recent developments in Greece would help contain the region's debt woes," said Kwak Joong-bo, an analyst at Samsung Securities Co.
On Tuesday, global credit appraiser Moody's downgraded its debt rating on Portugal by four notches from Baa1 to Ba2, citing potential risks.
"It seems that the market has already shifted upward. What matters now is how fast the market will move higher," said Kwak.
News on mergers and acquisitions shored up the KOSPI despite a lack of strong upward momentum. Hyundai Heavy Industries, the world's No. 1 shipyard, jumped 6.37 percent to 484,000 won after announcing it will not bid for a stake in Hynix Semiconductor.
KB Financial Group, the parent of the country's top bank, also jumped 3.83 percent to 54,200 won amid views the banking group may acquire a life insurance company in a bid to strengthen its non-bank business.
Samsung Heavy Industries, a local shipbuilder, gained 1.6 percent to 47,650 won after winning a US$1.12 billion deal to build two drill ships.
Hynix Semiconductor, however, slumped 5.36 percent to 26,500 following the top shipyard's announcement. Companies rumored to be interested in Hynix also went south. Shipping giant STX slipped 0.9 percent to 22,000 won and SK lost 3.22 percent to 180,500 won.
The bourse operator requested five companies -- Dongbu CNI, Hyosung, LG, SK and STX -- to clarify their position on Hynix by 6 p.m. Creditors of Hynix are slated to close bidding for the world's No. 2 memory chip maker on Friday.
Tech heavyweight Samsung Electronics slipped 0.11 percent to 898,000 won after a market report showed that display panel prices failed to make a rebound this month.
The local currency closed at 1,063.4 won to the greenback, up 2.9 won from Tuesday's close and a fresh yearly high, as foreigners snapped up the local unit for stock purchases, dealers said.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasuries rose 0.03 percentage point to 3.79 percent and the return on the benchmark five-year government bonds also added 0.03 percentage point to 4.04 percent.
SEOUL, July 6 (Yonhap) -- South Korean stocks closed 0.44 percent higher on Wednesday as investors shook off the impact of Portugal's debt rating cut, analysts said. The local currency gathered ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 9.44 points to 2,171.19, rising for a sixth session. Trading volume was moderate at 271.4 million shares worth 7.1 trillion won (US$6.7 billion), with gainers outpacing losers 456 to 351.
"The Portuguese debt crisis is not a small issue, but investors shrugged off the news, believing the recent developments in Greece would help contain the region's debt woes," said Kwak Joong-bo, an analyst at Samsung Securities Co.
On Tuesday, global credit appraiser Moody's downgraded its debt rating on Portugal by four notches from Baa1 to Ba2, citing potential risks.
"It seems that the market has already shifted upward. What matters now is how fast the market will move higher," said Kwak.
News on mergers and acquisitions shored up the KOSPI despite a lack of strong upward momentum. Hyundai Heavy Industries, the world's No. 1 shipyard, jumped 6.37 percent to 484,000 won after announcing it will not bid for a stake in Hynix Semiconductor.
KB Financial Group, the parent of the country's top bank, also jumped 3.83 percent to 54,200 won amid views the banking group may acquire a life insurance company in a bid to strengthen its non-bank business.
Samsung Heavy Industries, a local shipbuilder, gained 1.6 percent to 47,650 won after winning a US$1.12 billion deal to build two drill ships.
Hynix Semiconductor, however, slumped 5.36 percent to 26,500 following the top shipyard's announcement. Companies rumored to be interested in Hynix also went south. Shipping giant STX slipped 0.9 percent to 22,000 won and SK lost 3.22 percent to 180,500 won.
The bourse operator requested five companies -- Dongbu CNI, Hyosung, LG, SK and STX -- to clarify their position on Hynix by 6 p.m. Creditors of Hynix are slated to close bidding for the world's No. 2 memory chip maker on Friday.
Tech heavyweight Samsung Electronics slipped 0.11 percent to 898,000 won after a market report showed that display panel prices failed to make a rebound this month.
The local currency closed at 1,063.4 won to the greenback, up 2.9 won from Tuesday's close and a fresh yearly high, as foreigners snapped up the local unit for stock purchases, dealers said.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasuries rose 0.03 percentage point to 3.79 percent and the return on the benchmark five-year government bonds also added 0.03 percentage point to 4.04 percent.
