ID :
40658
Wed, 01/14/2009 - 15:55
Auther :
Shortlink :
https://www.oananews.org//node/40658
The shortlink copeid
Seoul shares end 1.28 pct higher on financial, auto gains
SEOUL, Jan. 14 (Yonhap) -- South Korean stocks closed 1.28 percent higher Wednesday as investors scooped up financial shares and automakers, shrugging off concerns over dimmer corporate earnings outlooks, analysts said. The local currency rose against the U.S. dollar.
Reversing earlier losses, the benchmark Korea Composite Stock Price Index (KOSPI)
advanced 14.97 points to 1,182.68. Volume was moderate at 353.6 million shares
worth 3.9 trillion won (US$2.89 billion), with gainers outpacing losers 544 to
265. The index gained ground for the second straight days.
"Gains of financial shares led the market's upward movement. But there are still
cautions against weaker corporate earnings outlooks for large caps," said Bae
Sung-young, an analyst at Hyundai Securities Co.
"Whether the KOSPI stays above the 1,200-point mark hinges on how smoothly the
earnings season passes and the stabilization of overseas markets. Otherwise, the
local key index is likely to trade in a tight range for a while."
South Korea's listed companies are set to announce their fourth-quarter earnings
starting Thursday, led by top steelmaker POSCO.
Financial shares closed on a positive note. KB Financial Group, the holding
company of Kookmin Bank, advanced 5.16 percent to 38,750 won and No. 2 financial
services company Shinhan Financial Group jumped 5.79 percent to 32,000 won.
After volatile trading, top steelmaker POSCO closed 0.53 percent higher at
379,000 won ahead of its fourth-quarter earnings results due out Thursday.
Carmakers gained ground with industry leader Hyundai Motor advancing 4.35 percent
to 48,000 won.
The local currency ended at 1,347.5 won to the dollar, up 6.5 won from Tuesday's
close, as offshore investors picked up local stocks, dealers said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries shed 0.14 percentage point to 3.36 percent and the
benchmark yield on five-year government bonds also fell 0.1 percentage point to
3.94 percent.
sooyeon@yna.co.kr
(END)
Reversing earlier losses, the benchmark Korea Composite Stock Price Index (KOSPI)
advanced 14.97 points to 1,182.68. Volume was moderate at 353.6 million shares
worth 3.9 trillion won (US$2.89 billion), with gainers outpacing losers 544 to
265. The index gained ground for the second straight days.
"Gains of financial shares led the market's upward movement. But there are still
cautions against weaker corporate earnings outlooks for large caps," said Bae
Sung-young, an analyst at Hyundai Securities Co.
"Whether the KOSPI stays above the 1,200-point mark hinges on how smoothly the
earnings season passes and the stabilization of overseas markets. Otherwise, the
local key index is likely to trade in a tight range for a while."
South Korea's listed companies are set to announce their fourth-quarter earnings
starting Thursday, led by top steelmaker POSCO.
Financial shares closed on a positive note. KB Financial Group, the holding
company of Kookmin Bank, advanced 5.16 percent to 38,750 won and No. 2 financial
services company Shinhan Financial Group jumped 5.79 percent to 32,000 won.
After volatile trading, top steelmaker POSCO closed 0.53 percent higher at
379,000 won ahead of its fourth-quarter earnings results due out Thursday.
Carmakers gained ground with industry leader Hyundai Motor advancing 4.35 percent
to 48,000 won.
The local currency ended at 1,347.5 won to the dollar, up 6.5 won from Tuesday's
close, as offshore investors picked up local stocks, dealers said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries shed 0.14 percentage point to 3.36 percent and the
benchmark yield on five-year government bonds also fell 0.1 percentage point to
3.94 percent.
sooyeon@yna.co.kr
(END)
