ID :
54271
Tue, 04/07/2009 - 15:20
Auther :
Shortlink :
https://www.oananews.org//node/54271
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Seoul shares end up 0.17 pct on recovery hopes
SEOUL, April 7 (Yonhap) -- South Korean stocks closed 0.17 percent higher Tuesday as optimism about an economic recovery overshadowed profit-taking, analysts said.
The local currency fell against the U.S. dollar.
Reversing earlier losses, the benchmark Korea Composite Stock Price Index (KOSPI)
climbed 2.25 points to 1,300.1. Volume was heavy at 678.6 million shares worth
6.46 trillion won (US$4.89 billion), with gainers outpacing losers 565 to 258.
"Although the key index has risen sharply in recent sessions, it closed above the
1,300-point level, lifted by hopes for an economic recovery," said Lee Sun-yup,
an analyst at Goodmorning Shinhan Securities Co.
The KOSPI started in negative territory, mirroring overnight falls in U.S.
markets, but after trading in a narrow range throughout the session the index
closed slightly higher. The KOSPI recovered the 1,300-point level for the first
time in about six months.
Foreign investors sold a net 152.7 billion won worth of local stocks on the main
bourse, and were net sellers for the first time in five sessions.
Analysts expect the market to trade in a thin range for the time being, as
investors try to determine whether it will maintain its upward momentum.
"As the market has already factored in somewhat bleak earnings reports, if
first-quarter corporate earnings are worse than expected, the impact will not be
large," said Kwak Joong-bo, an analyst at Hana Daetoo Securities Co.
Ssangyong Motor, which entered court receivership in February under crushing
debt, jumped the daily limit of 14.77 percent to 1,515 won on expectations that
the country's smallest carmaker may announce its revival plans soon.
Market leader Samsung Electronics shed 1.68 percent to 584,000 won and KB
Financial Group, the holding company of Kookmin Bank, declined 2.24 percent to
37,050 won.
U.S. stocks closed lower Monday on lingering worries over the health of banks.
The Dow Jones industrial average fell 0.52 percent and the tech-heavy Nasdaq
composite index declined 0.93 percent.
The local currency ended at 1,322.5 won against the U.S. dollar, down 13 won from
Monday's close, as foreign investors cut their holdings of Seoul stocks, dealers
said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries shed 0.05 percentage point to 3.94 percent and the
benchmark yield on five-year government bonds declined 0.02 percentage point to
4.77 percent.
The local currency fell against the U.S. dollar.
Reversing earlier losses, the benchmark Korea Composite Stock Price Index (KOSPI)
climbed 2.25 points to 1,300.1. Volume was heavy at 678.6 million shares worth
6.46 trillion won (US$4.89 billion), with gainers outpacing losers 565 to 258.
"Although the key index has risen sharply in recent sessions, it closed above the
1,300-point level, lifted by hopes for an economic recovery," said Lee Sun-yup,
an analyst at Goodmorning Shinhan Securities Co.
The KOSPI started in negative territory, mirroring overnight falls in U.S.
markets, but after trading in a narrow range throughout the session the index
closed slightly higher. The KOSPI recovered the 1,300-point level for the first
time in about six months.
Foreign investors sold a net 152.7 billion won worth of local stocks on the main
bourse, and were net sellers for the first time in five sessions.
Analysts expect the market to trade in a thin range for the time being, as
investors try to determine whether it will maintain its upward momentum.
"As the market has already factored in somewhat bleak earnings reports, if
first-quarter corporate earnings are worse than expected, the impact will not be
large," said Kwak Joong-bo, an analyst at Hana Daetoo Securities Co.
Ssangyong Motor, which entered court receivership in February under crushing
debt, jumped the daily limit of 14.77 percent to 1,515 won on expectations that
the country's smallest carmaker may announce its revival plans soon.
Market leader Samsung Electronics shed 1.68 percent to 584,000 won and KB
Financial Group, the holding company of Kookmin Bank, declined 2.24 percent to
37,050 won.
U.S. stocks closed lower Monday on lingering worries over the health of banks.
The Dow Jones industrial average fell 0.52 percent and the tech-heavy Nasdaq
composite index declined 0.93 percent.
The local currency ended at 1,322.5 won against the U.S. dollar, down 13 won from
Monday's close, as foreign investors cut their holdings of Seoul stocks, dealers
said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries shed 0.05 percentage point to 3.94 percent and the
benchmark yield on five-year government bonds declined 0.02 percentage point to
4.77 percent.
