ID :
29450
Mon, 11/10/2008 - 18:10
Auther :
Shortlink :
https://www.oananews.org//node/29450
The shortlink copeid
Seoul shares close 1.58 pct higher
(ATTN: RECASTS headline, lead, 2nd para; ADDS bond yields at bottom)
SEOUL, Nov. 10 (Yonhap) -- South Korean stocks closed 1.58 percent higher Monday as steelmaker and shipbuilder gains overshadowed Fitch Ratings' downgrade of the country's sovereign rating outlook, analysts said. The local currency edged up against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 17.97 points to
1,152.46. Volume was heavy at 686.8 million shares worth 7.05 trillion won
(US$5.32 billion), with gainers outpacing losers 530 to 292.
"Steel and machinery stocks got a big boost from China's massive stimulus
package," said Bae Sung-young, an analyst at Hyundai Securities Co. "Fitch
Ratings' outlook downgrade had a limited impact on the market."
China announced a 4 trillion yuan stimulus package on Sunday, which is expected
to be a boon to South Korean steelmakers, shipbuilders and machinery producers.
Global credit appraiser Fitch Ratings said that it has lowered its outlook for
South Korea's sovereign rating from "stable" to "negative," reflecting the impact
of the ongoing global financial turbulence on its economy. But Fitch has affirmed
its sovereign rating for South Korea at "A plus," its fifth-highest grade.
Shares of steelmakers, shipbuilders and machinery gained momentum. Top steelmaker
POSCO advanced 9.67 percent to 363,000 won and local shipbuilder Hyundai Mipo
Dockyard climbed by the daily limit of 15 percent to 127,000 won.
But automaker shares were heavily dented on concerns that U.S. President-elect
Barack Obama will likely move to protect his country's automobile industry. Top
carmaker Hyundai Motor declined 5.69 percent to 51,400 won and its affiliate Kia
Motors shed 4.46 percent to 9,650 won.
Financial shares lost ground, hurt by Fitch's decision. Top financial services
company Woori Finance Holdings fell 4.48 percent to 7,030 won and its rival
Shinhan Financial Group lost 1.24 percent to 35,950 won.
The local currency closed at 1,326.3 won to the dollar, up 2.5 won from Friday's
close, as local stock markets gained ground, dealers said.
Bond prices, which move inversely to yields, ended sharply lower. The return on
three-year Treasuries jumped 0.28 percentage point to 5 percent and the benchmark
yield on five-year government bonds also rose 0.28 percentage point to 5.22
percent.
sooyeon@yna.co.kr
(END)
SEOUL, Nov. 10 (Yonhap) -- South Korean stocks closed 1.58 percent higher Monday as steelmaker and shipbuilder gains overshadowed Fitch Ratings' downgrade of the country's sovereign rating outlook, analysts said. The local currency edged up against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 17.97 points to
1,152.46. Volume was heavy at 686.8 million shares worth 7.05 trillion won
(US$5.32 billion), with gainers outpacing losers 530 to 292.
"Steel and machinery stocks got a big boost from China's massive stimulus
package," said Bae Sung-young, an analyst at Hyundai Securities Co. "Fitch
Ratings' outlook downgrade had a limited impact on the market."
China announced a 4 trillion yuan stimulus package on Sunday, which is expected
to be a boon to South Korean steelmakers, shipbuilders and machinery producers.
Global credit appraiser Fitch Ratings said that it has lowered its outlook for
South Korea's sovereign rating from "stable" to "negative," reflecting the impact
of the ongoing global financial turbulence on its economy. But Fitch has affirmed
its sovereign rating for South Korea at "A plus," its fifth-highest grade.
Shares of steelmakers, shipbuilders and machinery gained momentum. Top steelmaker
POSCO advanced 9.67 percent to 363,000 won and local shipbuilder Hyundai Mipo
Dockyard climbed by the daily limit of 15 percent to 127,000 won.
But automaker shares were heavily dented on concerns that U.S. President-elect
Barack Obama will likely move to protect his country's automobile industry. Top
carmaker Hyundai Motor declined 5.69 percent to 51,400 won and its affiliate Kia
Motors shed 4.46 percent to 9,650 won.
Financial shares lost ground, hurt by Fitch's decision. Top financial services
company Woori Finance Holdings fell 4.48 percent to 7,030 won and its rival
Shinhan Financial Group lost 1.24 percent to 35,950 won.
The local currency closed at 1,326.3 won to the dollar, up 2.5 won from Friday's
close, as local stock markets gained ground, dealers said.
Bond prices, which move inversely to yields, ended sharply lower. The return on
three-year Treasuries jumped 0.28 percentage point to 5 percent and the benchmark
yield on five-year government bonds also rose 0.28 percentage point to 5.22
percent.
sooyeon@yna.co.kr
(END)
