ID :
87881
Wed, 11/04/2009 - 21:14
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https://www.oananews.org//node/87881
The shortlink copeid
Seoul stocks end 1.94 pct higher on financial gains, bargain-hunting
By Park Bo-ram
SEOUL, Nov. 4 (Yonhap) -- South Korean stocks finished 1.94 percent higher
Wednesday, lifted by bargain-hunting and rallies by financial shares, analysts
said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 30.01 points to
end at 1,579.93, snapping up its six-session losing streak. Volume was light at
262.6 million shares worth 3.7 trillion won (US$3.1 billion) with gainers
outnumbering losers 541 to 257.
"The index extended its gains as foreign investors hunted for bargains among
big-cap companies including tech and auto firms which were recently hit by the
local currency's ascent," said Lee Jae-man, an analyst at Tong Yang Securities.
"Financial shares were also at favorable prices after the collapse of U.S. lender
CIT Group beat down banking shares," Lee said.
Financials led the local index rally after No. 3 financial service firm Shinhan
Financial Group and Korea Exchange Bank chalked up stronger-than-expected
earnings for the third quarter.
Shinhan Financial roes 2.79 percent to 46,000 won and Korea Exchange Bank shot up
7.81 percent to end at 13,800 won.
The bullish stock market bolstered brokerage houses, with top brokerage firm
Samsung Securities surging 6.29 percent to settle at 62,500 won.
IT companies also got a boost from solid buying among overseas investors.
Consumer electronics giant LG Electronics rose 3.32 percent to 109,000 won,
ending its five-session losing streak.
Auto-parts maker Hyundai Mobis and top chemical firm LG Chem both gained
substantial ground after saying on Monday the two companies sealed a contract to
jointly produce lithium-ion car batteries to be used in eco-friendly cars.
Hyundai Mobis jumped 4.62 percent to 158,500 won and LG Chem soared 5.53 percent
to end at 200,500 won.
The local currency closed at 1,178.4 won to the U.S. dollar, up 3.6 won from
Tuesday's close as strong foreign stock buying increased demand for the won.
pbr@yna.co.kr
(END)
SEOUL, Nov. 4 (Yonhap) -- South Korean stocks finished 1.94 percent higher
Wednesday, lifted by bargain-hunting and rallies by financial shares, analysts
said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 30.01 points to
end at 1,579.93, snapping up its six-session losing streak. Volume was light at
262.6 million shares worth 3.7 trillion won (US$3.1 billion) with gainers
outnumbering losers 541 to 257.
"The index extended its gains as foreign investors hunted for bargains among
big-cap companies including tech and auto firms which were recently hit by the
local currency's ascent," said Lee Jae-man, an analyst at Tong Yang Securities.
"Financial shares were also at favorable prices after the collapse of U.S. lender
CIT Group beat down banking shares," Lee said.
Financials led the local index rally after No. 3 financial service firm Shinhan
Financial Group and Korea Exchange Bank chalked up stronger-than-expected
earnings for the third quarter.
Shinhan Financial roes 2.79 percent to 46,000 won and Korea Exchange Bank shot up
7.81 percent to end at 13,800 won.
The bullish stock market bolstered brokerage houses, with top brokerage firm
Samsung Securities surging 6.29 percent to settle at 62,500 won.
IT companies also got a boost from solid buying among overseas investors.
Consumer electronics giant LG Electronics rose 3.32 percent to 109,000 won,
ending its five-session losing streak.
Auto-parts maker Hyundai Mobis and top chemical firm LG Chem both gained
substantial ground after saying on Monday the two companies sealed a contract to
jointly produce lithium-ion car batteries to be used in eco-friendly cars.
Hyundai Mobis jumped 4.62 percent to 158,500 won and LG Chem soared 5.53 percent
to end at 200,500 won.
The local currency closed at 1,178.4 won to the U.S. dollar, up 3.6 won from
Tuesday's close as strong foreign stock buying increased demand for the won.
pbr@yna.co.kr
(END)
