ID :
50370
Fri, 03/13/2009 - 16:08
Auther :
Shortlink :
https://www.oananews.org//node/50370
The shortlink copeid
Seoul stocks inch up on institutional buying
SEOUL, March 12 (Yonhap) -- South Korean stocks closed marginally higher Thursday as strong institutional buying overshadowed the central bank's interest rate freeze, analysts said.
The local currency fell against the U.S. dollar, ending
its four-day run of gains.
The benchmark Korea Composite Stock Price Index (KOSPI) added 0.88 points, or
0.08 percent, to 1,128.39. Volume was moderate at 484.1 million shares worth 5.91
trillion won (US$3.9 billion), but losers outpaced gainers 439 to 384.
"Massive institutional buying helped the key index end in positive territory
after choppy trading," Kwak Jung-bo, an analyst at Hana Daetoo Securities said.
"Market pessimism was relatively subdued as the won remained below 1,500 with
relentless foreign selling calmed somewhat," Kwak said.
The Bank of Korea kept the policy rate unchanged at 2 percent, curbing its
aggressive six-month reductions to leave a room for reaction to any further
economic slowdown.
Memory-chip makers gathered substantial ground after the government of Taiwan was
reported to give up its plan to merge the island's unprofitable chipmakers.
Samsung Electronics gained 2.1 percent to 536,000 won and Hynix Semiconductor
rose 4.63 percent to 8,590 won.
LCD giant LG Display tumbled 6.5 percent to 25,900 won as its 10-year partner
Philips sold its remaining 13.2 percent stake in the company.
Bank shares also finished lower on persistent jitters over the global banking
sector. Woori Finance Holdings, the parent of Woori Bank, shed 4.35 percent to
6,600 won, with Shinhan Financial Group finishing 1.29 percent lower to 23,000
won.
The Korean currency ended at 1,496.5 won to the greenback, down 25.5 won from
Wednesday's close, as importers snapped up dollars after the won's recent gains,
dealers said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries dropped 0.07 percentage point to 3.62 percent and the
benchmark yield on five-year government bonds fell 0.13 percentage point to 4.40
percent.
The local currency fell against the U.S. dollar, ending
its four-day run of gains.
The benchmark Korea Composite Stock Price Index (KOSPI) added 0.88 points, or
0.08 percent, to 1,128.39. Volume was moderate at 484.1 million shares worth 5.91
trillion won (US$3.9 billion), but losers outpaced gainers 439 to 384.
"Massive institutional buying helped the key index end in positive territory
after choppy trading," Kwak Jung-bo, an analyst at Hana Daetoo Securities said.
"Market pessimism was relatively subdued as the won remained below 1,500 with
relentless foreign selling calmed somewhat," Kwak said.
The Bank of Korea kept the policy rate unchanged at 2 percent, curbing its
aggressive six-month reductions to leave a room for reaction to any further
economic slowdown.
Memory-chip makers gathered substantial ground after the government of Taiwan was
reported to give up its plan to merge the island's unprofitable chipmakers.
Samsung Electronics gained 2.1 percent to 536,000 won and Hynix Semiconductor
rose 4.63 percent to 8,590 won.
LCD giant LG Display tumbled 6.5 percent to 25,900 won as its 10-year partner
Philips sold its remaining 13.2 percent stake in the company.
Bank shares also finished lower on persistent jitters over the global banking
sector. Woori Finance Holdings, the parent of Woori Bank, shed 4.35 percent to
6,600 won, with Shinhan Financial Group finishing 1.29 percent lower to 23,000
won.
The Korean currency ended at 1,496.5 won to the greenback, down 25.5 won from
Wednesday's close, as importers snapped up dollars after the won's recent gains,
dealers said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries dropped 0.07 percentage point to 3.62 percent and the
benchmark yield on five-year government bonds fell 0.13 percentage point to 4.40
percent.
