ID :
32813
Fri, 11/28/2008 - 18:55
Auther :
Shortlink :
https://www.oananews.org//node/32813
The shortlink copeid
Seoul shares end up 1.18 pct on foreign buying
SEOUL, Nov. 28 (Yonhap) -- South Korean stocks closed 1.18 percent higher Friday as foreign and institutional investors expanded their holdings of large-cap shares, analysts said. The local currency appreciated against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 12.59 points to
1,076.07, rising for a fourth session. Volume was heavy at 554.46 million shares
worth 5.09 trillion won (US$3.46 billion) with gainers outnumbered losers 528 to
284.
"Taking a cue from advances in European stocks and other Asian markets, the index
gained ground for a fourth-straight session, underlining recently eased market
jitters," said Lee Sun-yup, an analyst at Goodmorning Shinhan Securities.
"Foreigners along with institutions expanded their buying, offsetting massive
retail sell-off."
Foreigners snapped up a net 270.51 billion worth of local shares, extending their
net buying to three sessions. Institutions bought 201.38 billion worth of
equities, while retailers dumped around stocks valued at around 473.54 billion.
Banks and construction shares drove the market higher on expectations that the
government-led economic stimulus measures and restructuring efforts will lead to
their recovery.
Woori Finance Holdings, the country's top financial services firm by market
value, jumped 4.71 percent to 7,120 won and smaller Hana Financial Group surged
6.38 percent to 17,500 won.
Building giant Daewoo Engineering & Construction advanced 3.8 percent to 8,200
won, while Kumho Industry soared 6.38 percent to close at 12,500 won. Auto shares
added to the upward move with second-ranked Kia Motors closing up 8.02 percent to
7,000 won on a report that its earnings will improve next year thanks to a weak
local currency.
Shipbuilders, however, weighed on the market. No. 1 shipyard Hyundai Heavy
Industries plunged 4.05 percent to 154,000 won, while smaller Samsung Heavy
Industries fell 1.97 percent to 19,950 won.
On Thursday, U.S. markets, whose recent rallies set an optimistic tone for local
shares, were closed for the Thanksgiving holiday, taking a break after four
consecutive sessions of advances.
The local currency closed at 1,469 won to the U.S. dollar, up 7 won from
Thursday's close, as exporters unloaded their foreign currency holdings.
kokobj@yna.co.kr
(END)
The benchmark Korea Composite Stock Price Index (KOSPI) gained 12.59 points to
1,076.07, rising for a fourth session. Volume was heavy at 554.46 million shares
worth 5.09 trillion won (US$3.46 billion) with gainers outnumbered losers 528 to
284.
"Taking a cue from advances in European stocks and other Asian markets, the index
gained ground for a fourth-straight session, underlining recently eased market
jitters," said Lee Sun-yup, an analyst at Goodmorning Shinhan Securities.
"Foreigners along with institutions expanded their buying, offsetting massive
retail sell-off."
Foreigners snapped up a net 270.51 billion worth of local shares, extending their
net buying to three sessions. Institutions bought 201.38 billion worth of
equities, while retailers dumped around stocks valued at around 473.54 billion.
Banks and construction shares drove the market higher on expectations that the
government-led economic stimulus measures and restructuring efforts will lead to
their recovery.
Woori Finance Holdings, the country's top financial services firm by market
value, jumped 4.71 percent to 7,120 won and smaller Hana Financial Group surged
6.38 percent to 17,500 won.
Building giant Daewoo Engineering & Construction advanced 3.8 percent to 8,200
won, while Kumho Industry soared 6.38 percent to close at 12,500 won. Auto shares
added to the upward move with second-ranked Kia Motors closing up 8.02 percent to
7,000 won on a report that its earnings will improve next year thanks to a weak
local currency.
Shipbuilders, however, weighed on the market. No. 1 shipyard Hyundai Heavy
Industries plunged 4.05 percent to 154,000 won, while smaller Samsung Heavy
Industries fell 1.97 percent to 19,950 won.
On Thursday, U.S. markets, whose recent rallies set an optimistic tone for local
shares, were closed for the Thanksgiving holiday, taking a break after four
consecutive sessions of advances.
The local currency closed at 1,469 won to the U.S. dollar, up 7 won from
Thursday's close, as exporters unloaded their foreign currency holdings.
kokobj@yna.co.kr
(END)
