ID :
48941
Wed, 03/04/2009 - 18:03
Auther :
Shortlink :
https://www.oananews.org//node/48941
The shortlink copeid
Seoul stocks end up 3.29 pct on investment deregulation
(ATTN: ADDS automaker gains in 9th para; ADDS bond yields at bottom)
SEOUL, March 4 (Yonhap) -- South Korean stocks closed 3.29 percent higher
Wednesday as investors were buoyed by expectations of rising corporate investment
and exports to China, analysts said. The local currency climbed against the U.S.
dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) surged 33.69 points to
1,059.26. Volume was moderate at 483.8 million shares worth 4.13 trillion won
(US$2.7 billion), with gainers outperforming losers 731 to 130.
"The bourse got a boost from the passage of a bill to lift a cap on
conglomerates' investments," said Lee Seung-woo, an analyst at Daewoo Securities.
"Another positive lead was China's improving manufacturing activity."
On Tuesday, South Korea's National Assembly passed the bill that aims to
stimulate the sagging economy by allowing conglomerates to boost investments in
subsidiaries and non-affiliated companies.
China's index measuring manufacturers' business activity rose in February for the
third consecutive month, raising hopes of an increase in South Korean exports to
the country and sending local shipyards and shipping lines higher.
Top shipyard Hyundai Heavy Industries surged 6.38 percent to 183,500 won, with
Samsung Heavy Industries jumping 9.29 percent to settle at 22,950 won.
Hanjin Shipping, the largest container carrier, also closed 12.63 percent higher
to end at 16,500 won.
Blue-chip tech firms gathered substantial ground due to a strong overseas sales
forecast thanks to a weak won. Samsung Electronics gained 2.84 percent to 489,000
won and LG Display surged 5.65 percent.
Hyundai Motor extended solid gains to a second day as its February U.S. sales
emerged unscathed from slumping overall sales in the world's largest market. The
carmaker climbed 2.96 percent to 50,500 won with its affiliate Kia Motors also
rising 3.05 percent to 6,750 won.
The local currency ended at 1,551 won against the U.S. dollar, up 1.4 won from
Tuesday's close, on suspected government intervention, dealers said.
Bond prices, which move inversely to yields, closed mixed. The return on
three-year Treasuries dropped 0.04 percentage point to 3.70 percent but the
benchmark yield on five-year government bonds added 0.03 percentage point to 4.62
percent.
pbr@yna.co.kr
(END)
SEOUL, March 4 (Yonhap) -- South Korean stocks closed 3.29 percent higher
Wednesday as investors were buoyed by expectations of rising corporate investment
and exports to China, analysts said. The local currency climbed against the U.S.
dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) surged 33.69 points to
1,059.26. Volume was moderate at 483.8 million shares worth 4.13 trillion won
(US$2.7 billion), with gainers outperforming losers 731 to 130.
"The bourse got a boost from the passage of a bill to lift a cap on
conglomerates' investments," said Lee Seung-woo, an analyst at Daewoo Securities.
"Another positive lead was China's improving manufacturing activity."
On Tuesday, South Korea's National Assembly passed the bill that aims to
stimulate the sagging economy by allowing conglomerates to boost investments in
subsidiaries and non-affiliated companies.
China's index measuring manufacturers' business activity rose in February for the
third consecutive month, raising hopes of an increase in South Korean exports to
the country and sending local shipyards and shipping lines higher.
Top shipyard Hyundai Heavy Industries surged 6.38 percent to 183,500 won, with
Samsung Heavy Industries jumping 9.29 percent to settle at 22,950 won.
Hanjin Shipping, the largest container carrier, also closed 12.63 percent higher
to end at 16,500 won.
Blue-chip tech firms gathered substantial ground due to a strong overseas sales
forecast thanks to a weak won. Samsung Electronics gained 2.84 percent to 489,000
won and LG Display surged 5.65 percent.
Hyundai Motor extended solid gains to a second day as its February U.S. sales
emerged unscathed from slumping overall sales in the world's largest market. The
carmaker climbed 2.96 percent to 50,500 won with its affiliate Kia Motors also
rising 3.05 percent to 6,750 won.
The local currency ended at 1,551 won against the U.S. dollar, up 1.4 won from
Tuesday's close, on suspected government intervention, dealers said.
Bond prices, which move inversely to yields, closed mixed. The return on
three-year Treasuries dropped 0.04 percentage point to 3.70 percent but the
benchmark yield on five-year government bonds added 0.03 percentage point to 4.62
percent.
pbr@yna.co.kr
(END)
