ID :
45083
Wed, 02/11/2009 - 16:50
Auther :
Shortlink :
https://www.oananews.org//node/45083
The shortlink copeid
Seoul shares end 0.32 pct lower, pending U.S. bank rescue plan
SEOUL, Feb. 10 (Yonhap) -- South Korean stocks closed 0.32 percent lower Tuesday as investors took a breather ahead of an announcement of a U.S. bank bailout plan, analysts said. The local currency inched down against the U.S. dollar.
Reversing earlier gains, the benchmark Korea Composite Stock Price Index (KOSPI)
declined 3.82 points to 1,198.87. Volume was moderate at 461.8 million shares
worth 4.07 trillion won (US$2.94 billion), but gainers outnumbered losers 423 to
391.
"Investors turned cautious ahead of an imminent announcement of a U.S. bank
rescue plan and the passage of the economic stimulus package in the Senate," said
Lee Sun-yup, an analyst at Goodmorning Shinhan Securities Co. "Foreigners took
profits, viewing the 1,200-point as a resistance level.
The key stock index started stronger, shrugging off overnight falls in U.S.
markets. But in the morning session, the KOSPI turned lower as foreigners
extended their sales of Seoul stocks, ending a buying spree of nine straight
sessions. They sold a net 216.2 billion won worth of local stocks on the main
bourse.
U.S. Treasury Secretary Timothy Geithner on Tuesday plans to unveil a rescue plan
to shore up the beleaguered banking system after a one-day delay.
Large caps traded in negative territory. Market leader Samsung Electronics fell
1.33 percent to 520,000 won and top steelmaker POSCO shed 0.89 percent to 390,500
won.
But chip giant Hynix Semiconductor rose 1.9 percent to 9,630 won on expectations
for recovery of the chipmaking industry. Ssangyong Motor, which won the court's
approval for bankruptcy protection last week, jumped nearly by the daily limit of
15 percent to 1,295 won.
The local currency ended at 1,382.9 won to the dollar, down 1.9 won from Monday's
close, as offshore investors unloaded local stocks, dealers said.
Bond prices, which move inversely to yields, closed mixed. The return on
three-year Treasuries fell 0.01 percentage point to 3.73 percent while the
benchmark yield on five-year government bonds added 0.04 percentage point to 4.56
percent.
Reversing earlier gains, the benchmark Korea Composite Stock Price Index (KOSPI)
declined 3.82 points to 1,198.87. Volume was moderate at 461.8 million shares
worth 4.07 trillion won (US$2.94 billion), but gainers outnumbered losers 423 to
391.
"Investors turned cautious ahead of an imminent announcement of a U.S. bank
rescue plan and the passage of the economic stimulus package in the Senate," said
Lee Sun-yup, an analyst at Goodmorning Shinhan Securities Co. "Foreigners took
profits, viewing the 1,200-point as a resistance level.
The key stock index started stronger, shrugging off overnight falls in U.S.
markets. But in the morning session, the KOSPI turned lower as foreigners
extended their sales of Seoul stocks, ending a buying spree of nine straight
sessions. They sold a net 216.2 billion won worth of local stocks on the main
bourse.
U.S. Treasury Secretary Timothy Geithner on Tuesday plans to unveil a rescue plan
to shore up the beleaguered banking system after a one-day delay.
Large caps traded in negative territory. Market leader Samsung Electronics fell
1.33 percent to 520,000 won and top steelmaker POSCO shed 0.89 percent to 390,500
won.
But chip giant Hynix Semiconductor rose 1.9 percent to 9,630 won on expectations
for recovery of the chipmaking industry. Ssangyong Motor, which won the court's
approval for bankruptcy protection last week, jumped nearly by the daily limit of
15 percent to 1,295 won.
The local currency ended at 1,382.9 won to the dollar, down 1.9 won from Monday's
close, as offshore investors unloaded local stocks, dealers said.
Bond prices, which move inversely to yields, closed mixed. The return on
three-year Treasuries fell 0.01 percentage point to 3.73 percent while the
benchmark yield on five-year government bonds added 0.04 percentage point to 4.56
percent.
