ID :
27781
Fri, 10/31/2008 - 18:18
Auther :
Shortlink :
https://www.oananews.org//node/27781
The shortlink copeid
Seoul shares up 2.6 percent on U.S. gains
SEOUL, Oct. 31 (Yonhap) -- South Korean stocks finished substantially higher Friday as foreign investors snapped up blue chips in line with overnight U.S. gains, analysts said. The local currency fell against the greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 28.34 points, or
2.61 percent, to 1,113.06. Volume was heavy at 857.5 million shares worth 9.04
trillion won (US$6.99 billion), with gainers outpacing losers 643 to 218.
"Foreign investors are continuing to shore up the market for the
fourth-consecutive session on the back of overnight Wall Street gains and
confidence from rate cuts and the (recently announced) currency swap
arrangement," said Song Young-geun, an analyst at Dongbu Securities.
U.S. stocks finished higher Thursday following a report that the U.S. gross
domestic product fell 0.3 percent, recording a smaller-than-expected drop, in the
third quarter. The Dow Jones rose 2.11 percent and the tech-heavy Nasdaq advanced
2.49 percent.
Heavy machinery and shipyard stocks chalked up strong gains. Leading power
generator producer Doosan Heavy Industries soared 14.91 percent to 55,500 won and
Hyundai Heavy Industries, the world's leading shipyard, rose 5.71 percent to
166,500 won.
Construction and retail stocks also finished in the black. Hyundai Engineering &
Construction climbed 14.98 percent to 52,200 won and Shinsegae, operator of the
nation's largest discount store chain, rose 2.88 percent to 447,000 won.
Tech and finance stocks, however, finished lower on profit taking after KOSPI's
12-percent gain on Thursday. LG Electronics tumbled 5.03 percent to 94,500 won
and Shinhan Financial Group shed 5.15 percent to end at 31,300 won.
The Korean currency closed at 1,291 won to the greenback, down 41 won from
Thursday when it posted its biggest gain versus the greenback in a decade on a
currency swap deal with the U.S., dealers said.
Bond prices, which move inversely to yields, fell sharply. The return on
three-year Treasuries rose 0.08 percentage point to 4.47 percent and the
benchmark yield on five-year government bonds also soared 0.14 percentage point
to 4.72 percent.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 28.34 points, or
2.61 percent, to 1,113.06. Volume was heavy at 857.5 million shares worth 9.04
trillion won (US$6.99 billion), with gainers outpacing losers 643 to 218.
"Foreign investors are continuing to shore up the market for the
fourth-consecutive session on the back of overnight Wall Street gains and
confidence from rate cuts and the (recently announced) currency swap
arrangement," said Song Young-geun, an analyst at Dongbu Securities.
U.S. stocks finished higher Thursday following a report that the U.S. gross
domestic product fell 0.3 percent, recording a smaller-than-expected drop, in the
third quarter. The Dow Jones rose 2.11 percent and the tech-heavy Nasdaq advanced
2.49 percent.
Heavy machinery and shipyard stocks chalked up strong gains. Leading power
generator producer Doosan Heavy Industries soared 14.91 percent to 55,500 won and
Hyundai Heavy Industries, the world's leading shipyard, rose 5.71 percent to
166,500 won.
Construction and retail stocks also finished in the black. Hyundai Engineering &
Construction climbed 14.98 percent to 52,200 won and Shinsegae, operator of the
nation's largest discount store chain, rose 2.88 percent to 447,000 won.
Tech and finance stocks, however, finished lower on profit taking after KOSPI's
12-percent gain on Thursday. LG Electronics tumbled 5.03 percent to 94,500 won
and Shinhan Financial Group shed 5.15 percent to end at 31,300 won.
The Korean currency closed at 1,291 won to the greenback, down 41 won from
Thursday when it posted its biggest gain versus the greenback in a decade on a
currency swap deal with the U.S., dealers said.
Bond prices, which move inversely to yields, fell sharply. The return on
three-year Treasuries rose 0.08 percentage point to 4.47 percent and the
benchmark yield on five-year government bonds also soared 0.14 percentage point
to 4.72 percent.
