ID :
52442
Thu, 03/26/2009 - 22:24
Auther :
Shortlink :
https://www.oananews.org//node/52442
The shortlink copeid
Seoul stocks close up 1.2 pct on eased economic woes
SEOUL, March 26 (Yonhap) -- South Korean stocks ended up 1.2 percent on Thursday
as investor sentiment was lifted by U.S. market advances amid improving economic
indicators, analysts said. The local currency rose against the U.S. dollar for a
fourth day.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 14.78 points to
1,243.8, the highest in more than five months. Volume was heavy at 579.96 million
shares worth 5.8 trillion won (US$4.3 billion), with winners outpacing losers 557
to 262.
"Expectations are growing that the economy is nearing its bottom with more
favorable signs coming from the U.S.," said Kim Jung-hyun, an analyst at
Goodmorning Shinhan Securities. "Also contributing to the market advance is
foreign investors which continue to increase their holdings of local shares."
On Wednesday, the U.S. government said that durable good sales in February jumped
for the first time in seven months and that home sales in the same month also
rebounded. The better-than-expected economic indicators sent Wall Street higher,
with the Dow Jones industrial average jumping 1.17 percent.
Foreigners bought more shares than they sold for an eighth consecutive day. Their
net purchase amounted to over 50 billion won on Thursday
Tech exporters benefited most on expectations that a global economic recovery
would lead to increased demand.
Chipmaking giant Samsung Electronics advanced 2.52 percent to 570,000 won.
Smaller Hynix Semiconductor surged by the daily limit of 14.71 percent to 11,700
won after its chief executive officer said the company will turn profitable on a
quarterly basis within this year.
Financials and automakers added to the upswings. KB Financial Group jumped 4.26
percent to 36,700 won, while Korea Exchange Bank surged 4.97 percent to 6,970
won.
No. 1 carmaker Hyundai Motor reversed earlier losses, ending 1.7 percent higher
to 53,700 won after the government unveiled demand-boosting measures, including
tax reductions for car purchases. Its affiliate Kia Motors also gained 3.95
percent to 8,420 won.
The currency finished at 1,330.5 won against the U.S. dollar, up 32.5 won from
Wednesday's close, as offshore investors dumped the greenback, dealers said.
kokobj@yna.co.kr
(END)
as investor sentiment was lifted by U.S. market advances amid improving economic
indicators, analysts said. The local currency rose against the U.S. dollar for a
fourth day.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 14.78 points to
1,243.8, the highest in more than five months. Volume was heavy at 579.96 million
shares worth 5.8 trillion won (US$4.3 billion), with winners outpacing losers 557
to 262.
"Expectations are growing that the economy is nearing its bottom with more
favorable signs coming from the U.S.," said Kim Jung-hyun, an analyst at
Goodmorning Shinhan Securities. "Also contributing to the market advance is
foreign investors which continue to increase their holdings of local shares."
On Wednesday, the U.S. government said that durable good sales in February jumped
for the first time in seven months and that home sales in the same month also
rebounded. The better-than-expected economic indicators sent Wall Street higher,
with the Dow Jones industrial average jumping 1.17 percent.
Foreigners bought more shares than they sold for an eighth consecutive day. Their
net purchase amounted to over 50 billion won on Thursday
Tech exporters benefited most on expectations that a global economic recovery
would lead to increased demand.
Chipmaking giant Samsung Electronics advanced 2.52 percent to 570,000 won.
Smaller Hynix Semiconductor surged by the daily limit of 14.71 percent to 11,700
won after its chief executive officer said the company will turn profitable on a
quarterly basis within this year.
Financials and automakers added to the upswings. KB Financial Group jumped 4.26
percent to 36,700 won, while Korea Exchange Bank surged 4.97 percent to 6,970
won.
No. 1 carmaker Hyundai Motor reversed earlier losses, ending 1.7 percent higher
to 53,700 won after the government unveiled demand-boosting measures, including
tax reductions for car purchases. Its affiliate Kia Motors also gained 3.95
percent to 8,420 won.
The currency finished at 1,330.5 won against the U.S. dollar, up 32.5 won from
Wednesday's close, as offshore investors dumped the greenback, dealers said.
kokobj@yna.co.kr
(END)
