ID :
92729
Wed, 12/02/2009 - 15:00
Auther :
Shortlink :
https://www.oananews.org//node/92729
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Seoul stocks end 1.4 pct higher on waning Dubai woes
SEOUL, Dec. 2 (Yonhap) -- South Korean stocks finished 1.4 percent higher
Wednesday as foreign investors snapped up shares on waning Dubai debt problem
anxiety, analysts said. The local currency gained sharply against the U.S.
dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) spiked 21.91 points to
end at 1,591.63, gaining ground for a third-consecutive session after Dubai debt
problems plunged the key index to the lowest level in four months on Friday.
Volume was moderate at 322.3 million shares, worth 4.7 trillion won (US$4.1
billion) with winners outnumbering losers 553 to 238.
"With today's rise, the key index recovered most of the losses triggered by Dubai
debt problems," said Kim Hyoung-ryoul, an analyst at NH Investment & Securities.
"Foreign investors' stock buying fueled the market advance as their risk appetite
revived amid waning fears about Dubai".
Overseas investors lapped up a net of 372.1 billion won, increasing their
holdings of Korea shares for a third-consecutive day.
Tech exporters were the biggest winner as investors bet a softer local currency
against the Japanese yen may boost price competitiveness of Korean exports.
Second-largest computer-memory chip maker Hynix Semiconductor jumped 6.37 percent
to 19,200 won and industry top runner Samsung Electronics gained 1.36 percent to
end at 747,000 won.
Banking shares also extended gains as the industry brushed off precipitous
declines triggered by the Dubai woes. Second-largest financial firm Woori Finance
Holdings which controls Woori Bank advanced 4.08 percent to 15,300 won and
smaller rival Hana Financial Group jumped 3.24 percent to 35,000 won.
Energy and commodity-oriented shares gathered ground as the U.S. dollar's global
descent boosted demand for the shares. Top oil refiner SK Energy rose 2.79
percent to 110,500 and biggest steel company POSCO climbed 1.58 percent to settle
at 580,000 won.
The local currency finished at 1,554.0 won to the U.S. dollar, up 7.1 won from
Tuesday's close after the Bank of Korea said the nation's foreign exchange
reserves hit a record high $270.9 billion as of the end of November, dealers
said.
pbr@yna.co.kr
(END)
Wednesday as foreign investors snapped up shares on waning Dubai debt problem
anxiety, analysts said. The local currency gained sharply against the U.S.
dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) spiked 21.91 points to
end at 1,591.63, gaining ground for a third-consecutive session after Dubai debt
problems plunged the key index to the lowest level in four months on Friday.
Volume was moderate at 322.3 million shares, worth 4.7 trillion won (US$4.1
billion) with winners outnumbering losers 553 to 238.
"With today's rise, the key index recovered most of the losses triggered by Dubai
debt problems," said Kim Hyoung-ryoul, an analyst at NH Investment & Securities.
"Foreign investors' stock buying fueled the market advance as their risk appetite
revived amid waning fears about Dubai".
Overseas investors lapped up a net of 372.1 billion won, increasing their
holdings of Korea shares for a third-consecutive day.
Tech exporters were the biggest winner as investors bet a softer local currency
against the Japanese yen may boost price competitiveness of Korean exports.
Second-largest computer-memory chip maker Hynix Semiconductor jumped 6.37 percent
to 19,200 won and industry top runner Samsung Electronics gained 1.36 percent to
end at 747,000 won.
Banking shares also extended gains as the industry brushed off precipitous
declines triggered by the Dubai woes. Second-largest financial firm Woori Finance
Holdings which controls Woori Bank advanced 4.08 percent to 15,300 won and
smaller rival Hana Financial Group jumped 3.24 percent to 35,000 won.
Energy and commodity-oriented shares gathered ground as the U.S. dollar's global
descent boosted demand for the shares. Top oil refiner SK Energy rose 2.79
percent to 110,500 and biggest steel company POSCO climbed 1.58 percent to settle
at 580,000 won.
The local currency finished at 1,554.0 won to the U.S. dollar, up 7.1 won from
Tuesday's close after the Bank of Korea said the nation's foreign exchange
reserves hit a record high $270.9 billion as of the end of November, dealers
said.
pbr@yna.co.kr
(END)
