ID :
58790
Mon, 05/04/2009 - 13:26
Auther :
Shortlink :
https://www.oananews.org//node/58790
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Seoul shares close 2.09 pct higher on bank gains
SEOUL, May 4 (Yonhap) -- South Korean stocks climbed 2.09 percent Monday as investors scooped up bank shares amid prospects for an economic recovery and their better earnings, analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 28.56 points to
a yearly high of 1,397.92. Volume was heavy at 737.4 million shares worth 8.85
trillion won (US$6.93 billion), with gainers outpacing losers 583 to 255.
"Foreign investors continued to buy Seoul stocks, sending the KOSPI sharply
higher. Bank shares led the market gain as industrial output readings and a
record trade surplus figure helped lift prospects for an economic recovery," said
Bae Sung-young, an analyst at Hyundai Securities Co.
"The KOSPI may undergo some fluctuation if stress test results for 19 U.S.
largest banks come out this week. But I think that upward momentum remains intact
given gains in global stock markets."
The key index extended earlier gains in early trading mainly because foreigners
increased their stock holdings. Offshore investors bought a net 395.8 billion won
worth of local stocks on the main bourse.
South Korea's industrial output gained 4.8 percent on-month in March, maintaining
its month-to-month expansion since January. The country posted a record trade
surplus of $6 billion in April, government data showed Thursday.
Bank shares sharply gained ground. KB Financial Group, which controls Kookmin
Bank, jumped the daily limit of 15 percent to 45,700 won after Goldman Sachs
Group raised its recommendation on the lender to "buy" from "neutral," citing
prospects for improving interest margins.
Rival Woori Finance Holdings gained 10.38 percent to 10,950 won and Shinhan
Financial Group advanced 7.26 percent to 34,000 won despite its weaker
first-quarter earnings.
Automakers traded in positive territory, shrugging off a bankruptcy filing by
U.S. automaker Chrysler LLC. Top carmaker Hyundai Motor climbed 0.58 percent to
68,900 won and its affiliate Kia Motors inched up 0.89 percent to 11,350 won.
But market leader Samsung Electronics declined 1.69 percent to 582,000 won, and
tobacco and ginseng giant KT&G Corp. shed 2.55 percent to 68,800 won.
The local currency ended at a yearly high of 1,272.5 won against the U.S. dollar,
up 9.5 won from Thursday's close, as foreign investors snapped up Korean stocks,
dealers said. The local financial markets closed for Labor Day on Friday.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 28.56 points to
a yearly high of 1,397.92. Volume was heavy at 737.4 million shares worth 8.85
trillion won (US$6.93 billion), with gainers outpacing losers 583 to 255.
"Foreign investors continued to buy Seoul stocks, sending the KOSPI sharply
higher. Bank shares led the market gain as industrial output readings and a
record trade surplus figure helped lift prospects for an economic recovery," said
Bae Sung-young, an analyst at Hyundai Securities Co.
"The KOSPI may undergo some fluctuation if stress test results for 19 U.S.
largest banks come out this week. But I think that upward momentum remains intact
given gains in global stock markets."
The key index extended earlier gains in early trading mainly because foreigners
increased their stock holdings. Offshore investors bought a net 395.8 billion won
worth of local stocks on the main bourse.
South Korea's industrial output gained 4.8 percent on-month in March, maintaining
its month-to-month expansion since January. The country posted a record trade
surplus of $6 billion in April, government data showed Thursday.
Bank shares sharply gained ground. KB Financial Group, which controls Kookmin
Bank, jumped the daily limit of 15 percent to 45,700 won after Goldman Sachs
Group raised its recommendation on the lender to "buy" from "neutral," citing
prospects for improving interest margins.
Rival Woori Finance Holdings gained 10.38 percent to 10,950 won and Shinhan
Financial Group advanced 7.26 percent to 34,000 won despite its weaker
first-quarter earnings.
Automakers traded in positive territory, shrugging off a bankruptcy filing by
U.S. automaker Chrysler LLC. Top carmaker Hyundai Motor climbed 0.58 percent to
68,900 won and its affiliate Kia Motors inched up 0.89 percent to 11,350 won.
But market leader Samsung Electronics declined 1.69 percent to 582,000 won, and
tobacco and ginseng giant KT&G Corp. shed 2.55 percent to 68,800 won.
The local currency ended at a yearly high of 1,272.5 won against the U.S. dollar,
up 9.5 won from Thursday's close, as foreign investors snapped up Korean stocks,
dealers said. The local financial markets closed for Labor Day on Friday.
