ID :
28251
Tue, 11/04/2008 - 09:55
Auther :
Shortlink :
https://www.oananews.org//node/28251
The shortlink copeid
Seoul shares jump for 3rd day on improved investor confidence
SEOUL, Nov. 3 (Yonhap) -- South Korean stocks closed up 1.44 percent Monday on improved market sentiment following a recent currency swap deal with the U.S. and government's additional stimulus measures aimed at revitalizing the slumping economy. The local currency rose against the greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 16.02 points to
1,129.08. It marked a gain of three consecutive trading since the central bank
announced a US$30 billion currency swap deal with the United States on Thursday.
Volume was heavy at 562.61 million shares worth 7.09 trillion won ($5.61
billion), with gainers outpacing losers 660 to 192.
"The currency swap deal and a raft of government measures to stimulate the
economy helped ease market concerns," said Choi Soon-ho, an analyst at Eugene
Investment & Securities. "Retailers came back as a major buyer, sustaining
today's advance."
Earlier in the day, South Korea said that it will increase government spending by
14 trillion won including expanded budget and tax incentives for next year to
stimulate the slumping economy and help low-income households tide over the
current financial turmoil.
Steep gains caused the Korea Exchange (KRX), the bourse operator, to suspend
program trading in early trading for five minutes after the main index futures
prices rose more than 5 percent. The index, however, fell to negative territory
at one point, underlining recently excessive volatility.
Shipyard shares continued to rally. Top shipbuilder Hyundai Heavy Industries
jumped 2.7 percent to 171,000 won and second-ranked Samsung Heavy Industries
surged by its daily limit of 14.95 percent to 22,300 won.
Brokerage and other financial shares added to the upswings. Mirae Asset
Securities rose 7.46 percent to close at 67,700 won and Woori Finance Holdings
jumped 6.39 percent to 7,160 won.
Tech exporters, however, lost ground, with industry leader Samsung Electronics
falling 3.55 percent to 516,000 won.
The Korean currency closed at 1,262 won to the greenback, up 29 won from Friday
after the government said it will step up efforts to expand currency swaps with
China and Japan and increase the sale of bonds to fund currency market
operations, dealers said.
kokobj@yna.co.kr
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 16.02 points to
1,129.08. It marked a gain of three consecutive trading since the central bank
announced a US$30 billion currency swap deal with the United States on Thursday.
Volume was heavy at 562.61 million shares worth 7.09 trillion won ($5.61
billion), with gainers outpacing losers 660 to 192.
"The currency swap deal and a raft of government measures to stimulate the
economy helped ease market concerns," said Choi Soon-ho, an analyst at Eugene
Investment & Securities. "Retailers came back as a major buyer, sustaining
today's advance."
Earlier in the day, South Korea said that it will increase government spending by
14 trillion won including expanded budget and tax incentives for next year to
stimulate the slumping economy and help low-income households tide over the
current financial turmoil.
Steep gains caused the Korea Exchange (KRX), the bourse operator, to suspend
program trading in early trading for five minutes after the main index futures
prices rose more than 5 percent. The index, however, fell to negative territory
at one point, underlining recently excessive volatility.
Shipyard shares continued to rally. Top shipbuilder Hyundai Heavy Industries
jumped 2.7 percent to 171,000 won and second-ranked Samsung Heavy Industries
surged by its daily limit of 14.95 percent to 22,300 won.
Brokerage and other financial shares added to the upswings. Mirae Asset
Securities rose 7.46 percent to close at 67,700 won and Woori Finance Holdings
jumped 6.39 percent to 7,160 won.
Tech exporters, however, lost ground, with industry leader Samsung Electronics
falling 3.55 percent to 516,000 won.
The Korean currency closed at 1,262 won to the greenback, up 29 won from Friday
after the government said it will step up efforts to expand currency swaps with
China and Japan and increase the sale of bonds to fund currency market
operations, dealers said.
kokobj@yna.co.kr
