ID :
49722
Tue, 03/10/2009 - 04:29
Auther :
Shortlink :
https://www.oananews.org//node/49722
The shortlink copeid
(LEAD) Seoul shares end 1.58 pct higher on won's gain
SEOUL, March 9 (Yonhap) -- South Korean stocks closed 1.58 percent higher Monday as the local currency's rebound against the U.S. dollar helped sooth investor sentiment, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 16.7 points to
1,071.73. Volume was moderate at 450.4 million shares worth 3.4 trillion won
(US$2.2 billion), with gainers outpacing losers 562 to 231.
"The Seoul bourse gained ground led by exporters and securities shares. The local
currency's movement is an important key in explaining the local stock index's
recent trends," said Bae Sung-young, an analyst at Hyundai Securities Co.
The local bourse underwent choppy trading mirroring the local currency's
movement. The local currency, which rose as high as 1,536.7 won to the dollar at
one point, reversed course in the morning session. But the Korean unit ended at
1,549 won to the dollar, up 1 won from Friday's close, as exporters unloaded the
greenback, dealers said.
But analysts say investors were still cautious as a set of downbeat economic data
and renewed geopolitical risks are weighing on market sentiment. South Korea and
the United States kicked off one of their largest joint annual military exercises
on Monday amid fears North Korea may test-fire a long-range ballistic missile.
"If North Korea launches what it claims is a satellite, the market will be dented
in the short term. But given the track record related to North Korean news, its
impact may be limited over the long haul," said Lee Woo-hyun, an analyst at KTB
Securities.
Market leader Samsung Electronics added 2.39 percent to 515,000 won and consumer
electronics giant LG Electronics advanced 4.64 percent to 78,900 won.
Leading brokerage house Samsung Securities gained 3.67 percent to 50,800 won and
its rival Daewoo Securities jumped 6.55 percent to 14,650 won.
Bond prices, which move inversely to yields, closed lower. The return on
three-year Treasuries added 0.03 percentage point to 3.66 percent and the
benchmark yield on five-year government bonds rose 0.04 percentage point to 4.61
percent.
sooyeon@yna.co.kr
(END)
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 16.7 points to
1,071.73. Volume was moderate at 450.4 million shares worth 3.4 trillion won
(US$2.2 billion), with gainers outpacing losers 562 to 231.
"The Seoul bourse gained ground led by exporters and securities shares. The local
currency's movement is an important key in explaining the local stock index's
recent trends," said Bae Sung-young, an analyst at Hyundai Securities Co.
The local bourse underwent choppy trading mirroring the local currency's
movement. The local currency, which rose as high as 1,536.7 won to the dollar at
one point, reversed course in the morning session. But the Korean unit ended at
1,549 won to the dollar, up 1 won from Friday's close, as exporters unloaded the
greenback, dealers said.
But analysts say investors were still cautious as a set of downbeat economic data
and renewed geopolitical risks are weighing on market sentiment. South Korea and
the United States kicked off one of their largest joint annual military exercises
on Monday amid fears North Korea may test-fire a long-range ballistic missile.
"If North Korea launches what it claims is a satellite, the market will be dented
in the short term. But given the track record related to North Korean news, its
impact may be limited over the long haul," said Lee Woo-hyun, an analyst at KTB
Securities.
Market leader Samsung Electronics added 2.39 percent to 515,000 won and consumer
electronics giant LG Electronics advanced 4.64 percent to 78,900 won.
Leading brokerage house Samsung Securities gained 3.67 percent to 50,800 won and
its rival Daewoo Securities jumped 6.55 percent to 14,650 won.
Bond prices, which move inversely to yields, closed lower. The return on
three-year Treasuries added 0.03 percentage point to 3.66 percent and the
benchmark yield on five-year government bonds rose 0.04 percentage point to 4.61
percent.
sooyeon@yna.co.kr
(END)
