ID :
54829
Fri, 04/10/2009 - 19:43
Auther :
Shortlink :
https://www.oananews.org//node/54829
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Seoul shares end 1.5 pct higher on financial gains
SEOUL, April 10 (Yonhap) -- South Korean stocks rose 1.5 percent Friday as investors scooped up financial shares amid eased woes over the health of the U.S. banking sector, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 19.69 points to
1,336.04. Volume was heavy at 911.7 million shares worth 8.98 trillion won
(US$6.75 billion), with gainers outpacing losers 525 to 300.
"Foreign and retail investors bought Seoul stocks, supporting the KOSPI's
upswing," said Rhoo Yong-seok, an analyst at Hyundai Securities Co. "Rising hopes
that all 19 of the biggest banks in the U.S. would pass a stress test and a
positive earnings estimate by a U.S. lender gave a boost to sentiment."
U.S. shares surged to a two-month high Thursday after banking giant Wells Fargo
said it expected higher-than-expected profits for the first quarter. The Dow
Jones industrial average soared 3.14 percent and the tech-heavy Nasdaq jumped
3.89 percent.
Following overnight gains in U.S. markets, foreign investors bought a net 405.2
billion won worth of local stocks on the main bourse.
Rhoo said that although the Seoul bourse may undergo a correction due to recent
rallies, it has momentum to continue its upward trend given signs of
stabilization in U.S. financial markets.
Financial shares traded in positive territory mirroring gains among their peers
in U.S. markets. KB Financial Group, the holding company of Kookmin Bank, gained
0.66 percent to 38,150 won and its rival Woori Finance Holdings jumped 8.03
percent to 9,960 won.
Top steelmaker POSCO gained 1.2 percent to 379,500 won. After the market close,
the company said its first-quarter profit declined 69 percent from a year earlier
to 325 billion won.
Market leader Samsung Electronics jumped 3.97 percent to 603,000 won while chip
giant Hynix Semiconductor shed 4.26 percent to 13,500 won after saying Thursday
that it is considering selling new shares and assets to beef up its capital.
The local currency ended at 1,333 won against the U.S. dollar, down 10.5 won from
Thursday's close, as foreign investors snapped up the greenback to repatriate
dividends to their home countries, dealers said.
Bond prices, which move inversely to yields, closed mixed. The return on
three-year Treasuries held steady at 3.88 percent while the benchmark yield on
five-year government bonds gained 0.02 percentage point to 4.6 percent.
sooyeon@yna.co.kr
(END)
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 19.69 points to
1,336.04. Volume was heavy at 911.7 million shares worth 8.98 trillion won
(US$6.75 billion), with gainers outpacing losers 525 to 300.
"Foreign and retail investors bought Seoul stocks, supporting the KOSPI's
upswing," said Rhoo Yong-seok, an analyst at Hyundai Securities Co. "Rising hopes
that all 19 of the biggest banks in the U.S. would pass a stress test and a
positive earnings estimate by a U.S. lender gave a boost to sentiment."
U.S. shares surged to a two-month high Thursday after banking giant Wells Fargo
said it expected higher-than-expected profits for the first quarter. The Dow
Jones industrial average soared 3.14 percent and the tech-heavy Nasdaq jumped
3.89 percent.
Following overnight gains in U.S. markets, foreign investors bought a net 405.2
billion won worth of local stocks on the main bourse.
Rhoo said that although the Seoul bourse may undergo a correction due to recent
rallies, it has momentum to continue its upward trend given signs of
stabilization in U.S. financial markets.
Financial shares traded in positive territory mirroring gains among their peers
in U.S. markets. KB Financial Group, the holding company of Kookmin Bank, gained
0.66 percent to 38,150 won and its rival Woori Finance Holdings jumped 8.03
percent to 9,960 won.
Top steelmaker POSCO gained 1.2 percent to 379,500 won. After the market close,
the company said its first-quarter profit declined 69 percent from a year earlier
to 325 billion won.
Market leader Samsung Electronics jumped 3.97 percent to 603,000 won while chip
giant Hynix Semiconductor shed 4.26 percent to 13,500 won after saying Thursday
that it is considering selling new shares and assets to beef up its capital.
The local currency ended at 1,333 won against the U.S. dollar, down 10.5 won from
Thursday's close, as foreign investors snapped up the greenback to repatriate
dividends to their home countries, dealers said.
Bond prices, which move inversely to yields, closed mixed. The return on
three-year Treasuries held steady at 3.88 percent while the benchmark yield on
five-year government bonds gained 0.02 percentage point to 4.6 percent.
sooyeon@yna.co.kr
(END)
