ID :
77405
Fri, 08/28/2009 - 15:53
Auther :
Shortlink :
https://www.oananews.org//node/77405
The shortlink copeid
Seoul stocks end 0.54 pct higher on foreign bets
(ATTN: ADDS bond yields at bottom)
By Park Bo-ram
SEOUL, Aug. 28 (Yonhap) -- South Korean stocks closed 0.54 percent higher Friday
as solid foreign buying buoyed large-cap shares, analysts said.
In choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI)
climbed 8.61 points to 1,607.94. Volume was moderate at 435.9 million shares
worth 6 trillion won (US$4.8 billion) with gainers outpacing losers 422 to 363.
"Foreign investors' strong purchases led the gains centered on big-capped
companies," said Hwang Bin-ah, an analyst at Kyobo Securities.
"The KOSPI's past powerful run-ups, however, fed concerns over overheating and
the index will have to receive stronger upward momentum to resist the jitters,"
Hwang said.
Gains were led by carmakers and shipbuilders. Top automaker Hyundai Motor soared
2.46 percent to 104,000 won, lifted by its expanding global market share.
Biggest shipmaker Hyundai Heavy Industries rose 1 percent to 202,000 won and
smaller rival Samsung Heavy Industries gained 1.35 percent to end at 29,950 won
as investors hunted bargain on the beaten-down sector.
LG Electronics advanced 4.71 percent to 144,500 won on reports that the handset
maker reaped higher profit margins in its sales versus other key rivals.
Hyundai Steel, the nation's second-largest steel producer, jumped 3.97 percent to
settle at 76,000 won after reporting a 6.9 percent hike in its steel products to
reflect increasing global steel and material cost.
Hyundai Mobis, auto-part maker affiliated with Hyundai Motor, shot up 9.49
percent to 147,000 won after the firm said it is mulling a joint venture with LG
Chem to produce car batteries for hybrid and electric vehicles. Top chemical
company LG Chem advanced 6.42 percent to settle at 190,500 won.
The local currency finished at 1,244.4 won to the U.S. dollar, up 4.3 won from
Thursday's close after the Bank of Korea said the nation's current account posted
its sixth consecutive monthly surplus in July, thanks to rising outbound
shipments.
Bond prices, which move inversely to yields, closed lower. The return on
three-year Treasuries climbed 0.04 percentage point to 4.35 percent and the
benchmark yield on five-year government bonds increased 0.07 percentage point
to 4.88 percent.
pbr@yna.co.kr
(END)
By Park Bo-ram
SEOUL, Aug. 28 (Yonhap) -- South Korean stocks closed 0.54 percent higher Friday
as solid foreign buying buoyed large-cap shares, analysts said.
In choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI)
climbed 8.61 points to 1,607.94. Volume was moderate at 435.9 million shares
worth 6 trillion won (US$4.8 billion) with gainers outpacing losers 422 to 363.
"Foreign investors' strong purchases led the gains centered on big-capped
companies," said Hwang Bin-ah, an analyst at Kyobo Securities.
"The KOSPI's past powerful run-ups, however, fed concerns over overheating and
the index will have to receive stronger upward momentum to resist the jitters,"
Hwang said.
Gains were led by carmakers and shipbuilders. Top automaker Hyundai Motor soared
2.46 percent to 104,000 won, lifted by its expanding global market share.
Biggest shipmaker Hyundai Heavy Industries rose 1 percent to 202,000 won and
smaller rival Samsung Heavy Industries gained 1.35 percent to end at 29,950 won
as investors hunted bargain on the beaten-down sector.
LG Electronics advanced 4.71 percent to 144,500 won on reports that the handset
maker reaped higher profit margins in its sales versus other key rivals.
Hyundai Steel, the nation's second-largest steel producer, jumped 3.97 percent to
settle at 76,000 won after reporting a 6.9 percent hike in its steel products to
reflect increasing global steel and material cost.
Hyundai Mobis, auto-part maker affiliated with Hyundai Motor, shot up 9.49
percent to 147,000 won after the firm said it is mulling a joint venture with LG
Chem to produce car batteries for hybrid and electric vehicles. Top chemical
company LG Chem advanced 6.42 percent to settle at 190,500 won.
The local currency finished at 1,244.4 won to the U.S. dollar, up 4.3 won from
Thursday's close after the Bank of Korea said the nation's current account posted
its sixth consecutive monthly surplus in July, thanks to rising outbound
shipments.
Bond prices, which move inversely to yields, closed lower. The return on
three-year Treasuries climbed 0.04 percentage point to 4.35 percent and the
benchmark yield on five-year government bonds increased 0.07 percentage point
to 4.88 percent.
pbr@yna.co.kr
(END)
