ID :
20156
Fri, 09/19/2008 - 10:48
Auther :
Shortlink :
http://m.oananews.org//node/20156
The shortlink copeid
Seoul shares up 4.6 pct on U.S. rally
SEOUL, Sept. 19 (Yonhap) -- South Korean shares surged almost 4.6 percent late Friday morning as investors took heart from an overnight Wall Street rally prompted by reported U.S. measures to resuscitate troubled financial firms, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) soared 64.44 points, or
4.63 percent, to 1,456.86 as of 11:20 a.m. The Korea Exchange, the nation's
bourse operator, temporarily suspended program selling in early trading due to
volatile futures prices.
"A series of news reports, such as the U.S. government's reported plan to absorb
bad debts and the Chinese central bank's measures to stabilize its stock market,
provided momentum," said Kwak Jung-bo, an analyst at Hana Daetoo Securities.
U.S. stocks rallied Thursday following a news report that Treasury Secretary
Henry Paulson was considering creating an entity to absorb banks' bad debt. The
Dow Jones industrial average soared 3.86 percent and the tech-dominated Nasdaq
composite index advanced 4.78 percent.
Foreign investors, making an about face from a massive selling spree in the past
sessions, injected some 150 billion won into local stocks, pushing the KOSPI
higher, Kwak noted.
Most blue chips enjoyed brisk gains, with steel and shipyards leading the gains.
Top steelmaker POSCO advanced nearly 9 percent and Hyundai Heavy Industries, the
world's leading shipbuilder, rocketed 13.07 percent.
Export-driven shares were also buoyed, with tech behemoth Samsung Electronics
climbing 5.8 percent and Hyundai Motor, the nation's largest automaker, adding
4.33 percent.
Financials were also trading in the black, with top lender Kookmin Bank surging
7.28 percent and brokerage giant Mirae Asset & Securities rising more than 6
percent. Korea Exchange Bank, however, plummeted 5.93 percent after HSBC Holdings
said it has scrapped its deal to purchase the Korean lender.
The local currency was trading at 1,137.4 won to the U.S. dollar as of 11:20
a.m., up 15.9 won from Wednesday's finish, as foreign investors shored up the won
to buy stocks in the local bourse, dealers said.
The benchmark Korea Composite Stock Price Index (KOSPI) soared 64.44 points, or
4.63 percent, to 1,456.86 as of 11:20 a.m. The Korea Exchange, the nation's
bourse operator, temporarily suspended program selling in early trading due to
volatile futures prices.
"A series of news reports, such as the U.S. government's reported plan to absorb
bad debts and the Chinese central bank's measures to stabilize its stock market,
provided momentum," said Kwak Jung-bo, an analyst at Hana Daetoo Securities.
U.S. stocks rallied Thursday following a news report that Treasury Secretary
Henry Paulson was considering creating an entity to absorb banks' bad debt. The
Dow Jones industrial average soared 3.86 percent and the tech-dominated Nasdaq
composite index advanced 4.78 percent.
Foreign investors, making an about face from a massive selling spree in the past
sessions, injected some 150 billion won into local stocks, pushing the KOSPI
higher, Kwak noted.
Most blue chips enjoyed brisk gains, with steel and shipyards leading the gains.
Top steelmaker POSCO advanced nearly 9 percent and Hyundai Heavy Industries, the
world's leading shipbuilder, rocketed 13.07 percent.
Export-driven shares were also buoyed, with tech behemoth Samsung Electronics
climbing 5.8 percent and Hyundai Motor, the nation's largest automaker, adding
4.33 percent.
Financials were also trading in the black, with top lender Kookmin Bank surging
7.28 percent and brokerage giant Mirae Asset & Securities rising more than 6
percent. Korea Exchange Bank, however, plummeted 5.93 percent after HSBC Holdings
said it has scrapped its deal to purchase the Korean lender.
The local currency was trading at 1,137.4 won to the U.S. dollar as of 11:20
a.m., up 15.9 won from Wednesday's finish, as foreign investors shored up the won
to buy stocks in the local bourse, dealers said.
