ID :
32282
Tue, 11/25/2008 - 17:41
Auther :
Shortlink :
https://www.oananews.org//node/32282
The shortlink copeid
Seoul shares close up 1.36 pct on U.S. gains
SEOUL, Nov. 25 (Yonhap) -- South Korean stocks ended up 1.36 percent Tuesday in an erratic session as investors picked up recently beaten-down shares following overnight rallies in U.S. markets, analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.18 points to
983.32. Volume was heavy at 478.52 million shares worth 5.31 trillion won
(US$3.53 billion), with gainers outnumbering losers 436 to 382.
The index surged over 6 percent in early trading, prompting the bourse operator
to suspend program trading. But it plunged to negative territory at one point in
the afternoon, highlighting still-fragile investor sentiment here.
"Stocks got off to a strong start thanks to advances in U.S. markets, but the
upswing failed to gain momentum as investors remained jittery over how the
ongoing financial turmoil will unfold in the real part of the economy," said Choi
Sun-ho, an analyst at Eugene Investment & Securities.
Shipbuilders led the market advance as investors saw their recent falls as
excessive. No. 1 shipyard Hyundai Heavy Industries jumped 3.58 percent 144,500
won, while second-ranked Samsung Heavy Industries rose 3.01 percent to close at
18,850 won.
Steel and brokerage shares bolstered the market mood. Top steelmaker POSCO ended
up 6.89 percent at 318,000 won and leading brokerage Samsung Securities rose 2.75
percent to 59,700 won.
Auto shares, however, tumbled following a Japanese brokerage report that forecast
local carmakers to post the worst monthly domestic sales in three years in
November. Industry leader Hyundai Motor dived 7.25 percent to 37,100 won, while
its affiliate Kia Motors fell 12.82 percent to 5,850 won.
On Monday, U.S. stocks rallied for a second consecutive day on optimism that the
government's bailout plan for struggling banking giant Citigroup will help ease
concerns over worsening financial instability.
The local currency closed up 10.7 won at 1,502.3 won versus the greenback on
stock market advances, dealers said. The won finished below the 1,500-won level
Monday for the first time since March 13, 1998.
Bond prices, which move inversely to yields, ended higher. The return on
three-year Treasuries fell 0.01 percentage point to 5.05 percent and the
benchmark yield on five-year government bonds lost 0.01 percentage point to 5.20
percent.
kokobj@yna.co.kr
(END)
The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.18 points to
983.32. Volume was heavy at 478.52 million shares worth 5.31 trillion won
(US$3.53 billion), with gainers outnumbering losers 436 to 382.
The index surged over 6 percent in early trading, prompting the bourse operator
to suspend program trading. But it plunged to negative territory at one point in
the afternoon, highlighting still-fragile investor sentiment here.
"Stocks got off to a strong start thanks to advances in U.S. markets, but the
upswing failed to gain momentum as investors remained jittery over how the
ongoing financial turmoil will unfold in the real part of the economy," said Choi
Sun-ho, an analyst at Eugene Investment & Securities.
Shipbuilders led the market advance as investors saw their recent falls as
excessive. No. 1 shipyard Hyundai Heavy Industries jumped 3.58 percent 144,500
won, while second-ranked Samsung Heavy Industries rose 3.01 percent to close at
18,850 won.
Steel and brokerage shares bolstered the market mood. Top steelmaker POSCO ended
up 6.89 percent at 318,000 won and leading brokerage Samsung Securities rose 2.75
percent to 59,700 won.
Auto shares, however, tumbled following a Japanese brokerage report that forecast
local carmakers to post the worst monthly domestic sales in three years in
November. Industry leader Hyundai Motor dived 7.25 percent to 37,100 won, while
its affiliate Kia Motors fell 12.82 percent to 5,850 won.
On Monday, U.S. stocks rallied for a second consecutive day on optimism that the
government's bailout plan for struggling banking giant Citigroup will help ease
concerns over worsening financial instability.
The local currency closed up 10.7 won at 1,502.3 won versus the greenback on
stock market advances, dealers said. The won finished below the 1,500-won level
Monday for the first time since March 13, 1998.
Bond prices, which move inversely to yields, ended higher. The return on
three-year Treasuries fell 0.01 percentage point to 5.05 percent and the
benchmark yield on five-year government bonds lost 0.01 percentage point to 5.20
percent.
kokobj@yna.co.kr
(END)
