ID :
54113
Mon, 04/06/2009 - 13:42
Auther :
Shortlink :
https://www.oananews.org//node/54113
The shortlink copeid
Seoul shares end up 1.1 pct despite N. Korea's rocket launch
SEOUL, April 6 (Yonhap) -- South Korean stocks closed 1.1 percent higher Monday as investors digested North Korea's rocket launch a day earlier, analysts said.
The local currency jumped to a three-month high against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 14.1 points to
1,297.85. Volume was heavy at 719.1 million shares worth 7.75 trillion won
(US$5.92 billion), with winners outpacing losers 597 to 224.
"The market widely shrugged off a long-range rocket launch by North Korea as the
impact of the firing was already factored in," said Bae Sung-young, an analyst at
Hyundai Securities Co. "I think the Seoul bourse may take a breather due to its
recent sharp gains, but it has momentum enough to trade above the 1,300-point
mark in the near term."
On Sunday, North Korea launched a long-range rocket in defiance of repeated
international warnings, which South Korea and the United States say fizzled into
the Pacific Ocean.
The KOSPI surpassed the 1,300-point mark for the first time in about six months
in the morning session, lifted by a buying spree of local stocks by foreigners.
The index cut earlier gains in late trading, however, as institutions engaged in
profit-taking, analysts say.
Financial shares and shipbuilders gained ground. KB Financial Group, the holding
company of Kookmin Bank, rose 0.26 percent to 37,900 won and its rival Woori
Finance Holdings advanced 4.72 percent to 8,430 won. Top shipbuilder Hyundai
Heavy Industries gained 3.55 percent to 218,500 won.
Chip giant Hynix Semiconductor jumped 12.3 percent to 14,150 won and market
leader Samsung Electronics closed up 0.17 percent at 594,000 won after climbing
to the 600,000 won level for the first time in nine months.
U.S. stocks closed higher Friday after Federal Reserve Chairman Ben Bernanke said
the central bank will use "all of its tools" to stabilize financial markets. The
Dow Jones industrial average gained 0.5 percent, ending above the 8,000-point
level for the first time in two weeks, while the tech-heavy Nasdaq composite
index rose 1.2 percent.
The local currency ended at 1,309.5 won against the U.S. dollar, up 31 won from
Friday's close and the highest level since Jan. 7 as offshore investors bought
Seoul stocks, dealers said.
The local currency jumped to a three-month high against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 14.1 points to
1,297.85. Volume was heavy at 719.1 million shares worth 7.75 trillion won
(US$5.92 billion), with winners outpacing losers 597 to 224.
"The market widely shrugged off a long-range rocket launch by North Korea as the
impact of the firing was already factored in," said Bae Sung-young, an analyst at
Hyundai Securities Co. "I think the Seoul bourse may take a breather due to its
recent sharp gains, but it has momentum enough to trade above the 1,300-point
mark in the near term."
On Sunday, North Korea launched a long-range rocket in defiance of repeated
international warnings, which South Korea and the United States say fizzled into
the Pacific Ocean.
The KOSPI surpassed the 1,300-point mark for the first time in about six months
in the morning session, lifted by a buying spree of local stocks by foreigners.
The index cut earlier gains in late trading, however, as institutions engaged in
profit-taking, analysts say.
Financial shares and shipbuilders gained ground. KB Financial Group, the holding
company of Kookmin Bank, rose 0.26 percent to 37,900 won and its rival Woori
Finance Holdings advanced 4.72 percent to 8,430 won. Top shipbuilder Hyundai
Heavy Industries gained 3.55 percent to 218,500 won.
Chip giant Hynix Semiconductor jumped 12.3 percent to 14,150 won and market
leader Samsung Electronics closed up 0.17 percent at 594,000 won after climbing
to the 600,000 won level for the first time in nine months.
U.S. stocks closed higher Friday after Federal Reserve Chairman Ben Bernanke said
the central bank will use "all of its tools" to stabilize financial markets. The
Dow Jones industrial average gained 0.5 percent, ending above the 8,000-point
level for the first time in two weeks, while the tech-heavy Nasdaq composite
index rose 1.2 percent.
The local currency ended at 1,309.5 won against the U.S. dollar, up 31 won from
Friday's close and the highest level since Jan. 7 as offshore investors bought
Seoul stocks, dealers said.
