ID :
90604
Thu, 11/19/2009 - 21:17
Auther :
Shortlink :
https://www.oananews.org//node/90604
The shortlink copeid
Seoul shares end up 1.03 pct on foreign buying
(ATTN: ADDS bond yields at bottom)
By Lee Youkyung
SEOUL, Nov. 19 (Yonhap) -- South Korean stocks closed 1.03 percent higher
Thursday as foreign investors picked up large caps on the belief that the market
is undervalued, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 16.57 points to
1,620.54, the highest close since Oct. 28. Volume was thin at 271.7 million
shares worth 4.65 trillion won (US$4.02 billion) with gainers leading losers 457
to 342.
"Merrill Lynch placed purchase orders worth about 500 billion won, picking up
large caps like Samsung Electronics and POSCO," said Hwang Bin-ah, an analyst at
Kyobo Securities.
"Strong foreign buying seems to be based on the belief that South Korean stocks
have been undervalued, compared to the pace of the economic recovery and
earnings," she added.
Samsung Electronics finished 1.2 percent higher at 759,000 won on massive foreign
buying, while Shinhan Financial Group, the second-largest financial services
company, rose 1.56 percent to 48,850 won.
LG Electronics, the world's third-largest handset maker, gained 2.94 percent to
105,000 won as investors bet that its share price has hit bottom.
Retailers rose on a brisk outlook for consumer spending. Retail giant Lotte
Shopping added 2.25 percent to 364,000 won, extending its winning streak to a
fourth-day. Lotte's smaller rival Hyundai Department Store jumped 3.74 percent to
111,000 won.
LG Household & Health Care jumped 2.22 percent to 276,000 won after it said
Wednesday it was mulling taking over local rival The Faceshop Korea.
The local currency closed at 1,157.1 won to the greenback, down 4.1 won from
Wednesday's close, as a halt in global equity rallies prompted investors to seek
the safe haven of the dollar, dealers said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries shed 0.03 percentage point to 4.24 percent and the
benchmark yield on five-year government bonds declined 0.06 percentage point to
4.78 percent.
ylee@yna.co.kr
(END)
By Lee Youkyung
SEOUL, Nov. 19 (Yonhap) -- South Korean stocks closed 1.03 percent higher
Thursday as foreign investors picked up large caps on the belief that the market
is undervalued, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 16.57 points to
1,620.54, the highest close since Oct. 28. Volume was thin at 271.7 million
shares worth 4.65 trillion won (US$4.02 billion) with gainers leading losers 457
to 342.
"Merrill Lynch placed purchase orders worth about 500 billion won, picking up
large caps like Samsung Electronics and POSCO," said Hwang Bin-ah, an analyst at
Kyobo Securities.
"Strong foreign buying seems to be based on the belief that South Korean stocks
have been undervalued, compared to the pace of the economic recovery and
earnings," she added.
Samsung Electronics finished 1.2 percent higher at 759,000 won on massive foreign
buying, while Shinhan Financial Group, the second-largest financial services
company, rose 1.56 percent to 48,850 won.
LG Electronics, the world's third-largest handset maker, gained 2.94 percent to
105,000 won as investors bet that its share price has hit bottom.
Retailers rose on a brisk outlook for consumer spending. Retail giant Lotte
Shopping added 2.25 percent to 364,000 won, extending its winning streak to a
fourth-day. Lotte's smaller rival Hyundai Department Store jumped 3.74 percent to
111,000 won.
LG Household & Health Care jumped 2.22 percent to 276,000 won after it said
Wednesday it was mulling taking over local rival The Faceshop Korea.
The local currency closed at 1,157.1 won to the greenback, down 4.1 won from
Wednesday's close, as a halt in global equity rallies prompted investors to seek
the safe haven of the dollar, dealers said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries shed 0.03 percentage point to 4.24 percent and the
benchmark yield on five-year government bonds declined 0.06 percentage point to
4.78 percent.
ylee@yna.co.kr
(END)
