ID :
54701
Fri, 04/10/2009 - 10:06
Auther :
Shortlink :
https://www.oananews.org//node/54701
The shortlink copeid
Seoul stocks jump 4.3 pct on rate freeze
SEOUL, April 9 (Yonhap) -- South Korean stocks surged 4.3 percent Thursday as investor sentiment was boosted by a rate freeze and expectations of improved second-quarter corporate earnings, analysts said. The local currency gained against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) soared 54.28 points to
1,316.35, the highest level in nearly six months. Volume was heavy at 920.62
million shares worth 8.95 trillion won (US$6.77 billion), with gainers outpacing
losers 780 to 109.
"The central bank's policy rate freeze fueled investors' hopes for the easing of
the economy's downturn," said Lim Nara, an analyst at Hanwha Securities.
"Expectations of improving corporate profits were also responsible."
The Bank of Korea left the seven-day repo rate unchanged at a record-low 2
percent earlier in the day, the second consecutive month of rate freezes.
Tech shares led the market rally, driven by strong foreign net-purchasing. Market
leader Samsung Electronics jumped 4.13 percent to 580,000 won.
Bank shares closed significantly higher as concerns over their ability to repay
foreign debts were subdued on the government's overseas sale of US$3 billion in
sovereign bonds and a strengthening local unit.
Shinhan Financial Group, the holding company for second-largest lender Shinhan
Bank, soared 8.51 percent to 29,950 won and Woori Finance Holdings, which
controls Woori Bank, jumped by the daily limit of 14.96 percent to end at 9,220
won.
Hynix Semiconductor managed to add 0.71 percent to 14,100 won on a media report
that creditors plan to inject 1.2 trillion won into the cash-strapped company by
participating in a rights offering.
The local currency ended at 1,322.5 won against the U.S. dollar, up 32 won from
Wednesday's close, as a $3 billion sovereign bond sale eased jitters over the
nation's dollar liquidity and overseas investors increased holdings of local
shares.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries shed 0.01 percentage point to 3.88 percent and the
benchmark yield on five-year government bonds declined 0.08 percentage point to
4.58 percent.
pbr@yna.co.kr
(END)
The benchmark Korea Composite Stock Price Index (KOSPI) soared 54.28 points to
1,316.35, the highest level in nearly six months. Volume was heavy at 920.62
million shares worth 8.95 trillion won (US$6.77 billion), with gainers outpacing
losers 780 to 109.
"The central bank's policy rate freeze fueled investors' hopes for the easing of
the economy's downturn," said Lim Nara, an analyst at Hanwha Securities.
"Expectations of improving corporate profits were also responsible."
The Bank of Korea left the seven-day repo rate unchanged at a record-low 2
percent earlier in the day, the second consecutive month of rate freezes.
Tech shares led the market rally, driven by strong foreign net-purchasing. Market
leader Samsung Electronics jumped 4.13 percent to 580,000 won.
Bank shares closed significantly higher as concerns over their ability to repay
foreign debts were subdued on the government's overseas sale of US$3 billion in
sovereign bonds and a strengthening local unit.
Shinhan Financial Group, the holding company for second-largest lender Shinhan
Bank, soared 8.51 percent to 29,950 won and Woori Finance Holdings, which
controls Woori Bank, jumped by the daily limit of 14.96 percent to end at 9,220
won.
Hynix Semiconductor managed to add 0.71 percent to 14,100 won on a media report
that creditors plan to inject 1.2 trillion won into the cash-strapped company by
participating in a rights offering.
The local currency ended at 1,322.5 won against the U.S. dollar, up 32 won from
Wednesday's close, as a $3 billion sovereign bond sale eased jitters over the
nation's dollar liquidity and overseas investors increased holdings of local
shares.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries shed 0.01 percentage point to 3.88 percent and the
benchmark yield on five-year government bonds declined 0.08 percentage point to
4.58 percent.
pbr@yna.co.kr
(END)
