ID :
45593
Sat, 02/14/2009 - 13:04
Auther :
Shortlink :
https://www.oananews.org//node/45593
The shortlink copeid
(LEAD) Seoul shares end 1.07 pct higher on institutional buying
SEOUL, Feb. 13 (Yonhap) -- South Korean stocks closed 1.07 percent higher Friday institutions snapped up shares despite lingering concerns over the economic downturn, analysts said. The local currency inched down against the U.S. dollar.
Reversing earlier losses, the benchmark Korea Composite Stock Price Index (KOSPI)
rose 12.6 points to 1,192.44. Volume was moderate at 566.9 million shares worth
4.14 trillion won (US$2.95 billion), with gainers outpacing losers 587 to 227.
"During the session, concerns over the global recession balanced against hopes
for the effects of a U.S. economic stimulus package," said Kwak Joong-bo, an
analyst at Hana Daetoo Securities Co. "Next week, the key index is likely to
trade in a narrow range as the market still lacks strong momentum for an upturn."
Foreign investors continued their selling spree for the fourth straight session,
limiting the KOSPI's gain. They sold a net 116 billion won worth of local shares
on the main bourse.
Tech blue chips turned higher in late trading. Chip giant Hynix Semiconductor
gained 4.4 percent to 9,260 won and consumer electronics leader LG Electronics
rose 4.81 percent to 78,500 won. But tech bellwether Samsung Electronics shed
1.73 percent to 511,000 won.
Financial shares also gained momentum, shrugging off their disappointing
fourth-quarter earnings. KB Financial Group, the holding company of top lender
Kookmin Bank, advanced 2.14 percent to 33,400 won and its rival Woori Finance
Holdings added 0.97 percent to 7,300 won. Woori said Thursday it swung to a net
loss last quarter due to increased provisions and investment losses.
After volatile trading, the local currency ended at 1,404.5 won to the dollar,
down 0.5 won from Thursday's close, as offshore investors sold local stocks,
dealers said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries fell 0.05 percentage point to 3.57 percent and the
benchmark yield on five-year government bonds declined 0.04 percentage point to
4.5 percent.
sooyeon@yna.co.kr
(END)
Reversing earlier losses, the benchmark Korea Composite Stock Price Index (KOSPI)
rose 12.6 points to 1,192.44. Volume was moderate at 566.9 million shares worth
4.14 trillion won (US$2.95 billion), with gainers outpacing losers 587 to 227.
"During the session, concerns over the global recession balanced against hopes
for the effects of a U.S. economic stimulus package," said Kwak Joong-bo, an
analyst at Hana Daetoo Securities Co. "Next week, the key index is likely to
trade in a narrow range as the market still lacks strong momentum for an upturn."
Foreign investors continued their selling spree for the fourth straight session,
limiting the KOSPI's gain. They sold a net 116 billion won worth of local shares
on the main bourse.
Tech blue chips turned higher in late trading. Chip giant Hynix Semiconductor
gained 4.4 percent to 9,260 won and consumer electronics leader LG Electronics
rose 4.81 percent to 78,500 won. But tech bellwether Samsung Electronics shed
1.73 percent to 511,000 won.
Financial shares also gained momentum, shrugging off their disappointing
fourth-quarter earnings. KB Financial Group, the holding company of top lender
Kookmin Bank, advanced 2.14 percent to 33,400 won and its rival Woori Finance
Holdings added 0.97 percent to 7,300 won. Woori said Thursday it swung to a net
loss last quarter due to increased provisions and investment losses.
After volatile trading, the local currency ended at 1,404.5 won to the dollar,
down 0.5 won from Thursday's close, as offshore investors sold local stocks,
dealers said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries fell 0.05 percentage point to 3.57 percent and the
benchmark yield on five-year government bonds declined 0.04 percentage point to
4.5 percent.
sooyeon@yna.co.kr
(END)
