ID :
28642
Wed, 11/05/2008 - 16:44
Auther :
Shortlink :
https://www.oananews.org//node/28642
The shortlink copeid
Seoul shares end higher on U.S. gains
SEOUL, Nov. 5 (Yonhap) -- South Korean finished higher for the fifth-straight
session Wednesday as blue chips got a lift from an overnight Wall Street rally
and hopes that the next American president would propose measures to revive the
U.S. economy, analysts said. The local currency appreciated against the
greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) closed up 28.15 points,
or 2.44 percent, at 1,181.5, partially reducing its gains after climbing more
than 4 percent in earlier trading. Volume was heavy at 781.46 million shares
worth 7.88 trillion won (US$6.22 billion), with gainers outpacing losers 709 to
151.
"The market rose sharply thanks to an overnight Wall Street rally and a
continuing buying spree by foreign investors on hopes that the next American
leader may would act to boost the sluggish U.S. economy," said Kim Jung-hyun, an
analyst at Goodmorning Shinhan Securities.
U.S. stocks rallied Tuesday as investor sentiment was boosted in anticipation of
a year-end rally and on hopes that the next U.S. president will announce measures
to boost the world's largest economy from slumping further. The Dow Jones
Industrial Average rose 305.45, or 3.28 percent, to 9,625.28 and the Nasdaq
Composite Index added 53.79 points, or 3.12 percent, to 1,780.12.
Financial shares led the overall gain as investors bet the new U.S.
administration will inject more economic support to its financial market. Leading
brokerage Mirae Asset & Securities soared 6.76 percent to 72,600 won and
state-run Industrial Bank of Korea added 7.13 percent to 8,720 won.
Exporters, however, ended mixed on signs of a slowdown in global demand. Market
leader Samsung Electronics managed to add 0.19 percent to 515,000 won while
Hyundai Motor lost 0.72 percent to 54,800 won.
Builders also ended mixed following a slew of government measures to bolster the
crucial industry. Doosan Engineering & Construction advanced 9.09 percent to
5,520 won but Hyundai Engineering & Construction fell 1.70 percent to 52,000 won.
The Korean currency ended at 1,266 won to the greenback, up 22 won from Tuesday's
close, as offshore investors dumped the greenback, dealers said.
odissy@yna.co.kr
(END)
session Wednesday as blue chips got a lift from an overnight Wall Street rally
and hopes that the next American president would propose measures to revive the
U.S. economy, analysts said. The local currency appreciated against the
greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) closed up 28.15 points,
or 2.44 percent, at 1,181.5, partially reducing its gains after climbing more
than 4 percent in earlier trading. Volume was heavy at 781.46 million shares
worth 7.88 trillion won (US$6.22 billion), with gainers outpacing losers 709 to
151.
"The market rose sharply thanks to an overnight Wall Street rally and a
continuing buying spree by foreign investors on hopes that the next American
leader may would act to boost the sluggish U.S. economy," said Kim Jung-hyun, an
analyst at Goodmorning Shinhan Securities.
U.S. stocks rallied Tuesday as investor sentiment was boosted in anticipation of
a year-end rally and on hopes that the next U.S. president will announce measures
to boost the world's largest economy from slumping further. The Dow Jones
Industrial Average rose 305.45, or 3.28 percent, to 9,625.28 and the Nasdaq
Composite Index added 53.79 points, or 3.12 percent, to 1,780.12.
Financial shares led the overall gain as investors bet the new U.S.
administration will inject more economic support to its financial market. Leading
brokerage Mirae Asset & Securities soared 6.76 percent to 72,600 won and
state-run Industrial Bank of Korea added 7.13 percent to 8,720 won.
Exporters, however, ended mixed on signs of a slowdown in global demand. Market
leader Samsung Electronics managed to add 0.19 percent to 515,000 won while
Hyundai Motor lost 0.72 percent to 54,800 won.
Builders also ended mixed following a slew of government measures to bolster the
crucial industry. Doosan Engineering & Construction advanced 9.09 percent to
5,520 won but Hyundai Engineering & Construction fell 1.70 percent to 52,000 won.
The Korean currency ended at 1,266 won to the greenback, up 22 won from Tuesday's
close, as offshore investors dumped the greenback, dealers said.
odissy@yna.co.kr
(END)
