ID :
20562
Mon, 09/22/2008 - 11:41
Auther :
Shortlink :
http://m.oananews.org//node/20562
The shortlink copeid
Seoul shares up on eased financial woes
SEOUL, Sept. 22 (Yonhap) -- South Korean stocks trimmed earlier sharp gains but managed to stay higher late Monday morning as investors picked up steel, shipyard and other large-cap shares on optimism that Washington-led measures to rescue ailing financial firms will lead to overall market stabilization, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 6.23 points, or
0.43 percent, to 1,462.01 as of 11:20 a.m. after rising to as high as 1,488.94 in
earlier trading.
"Friday's surges on Wall Street set a brisk tone for local stocks with investors
picking up global leading issues such as steelmakers and shipbuilders," said Park
So-yeon, an analyst at Korea Investment & Securities. "Gains, however, were pared
later in the morning as investors rushed to take profits from recent rallies.
Steelmaking giant POSCO jumped 3.74 percent while smaller Hyundai Steel gained
2.14 percent. Leading shipbuilder Hyundai Heavy Industries also rose 3.13
percent.
Stabilizing financial conditions provide a relief to local banking and brokerage
issues, with leading lender Kookmin Bank trading 4.47 percent higher than the
previous session. Major brokerage Mirae Asset & Securities inched up 0.1 percent,
losing almost all of its earlier gains on profit-taking.
Telecoms traded mixed. Second-ranked mobile carrier KTF plunged 7.48 percent
after its top executive was arrested on charges that he had taken kickbacks from
suppliers in business transactions. Market leader SK Telecom, however, gained
1.23 percent on optimistic brokerage reports over its third-quarter earrings.
On Friday, U.S. stocks advanced on expectations that the government would help
rescue struggling financial companies by picking up their bad debts and restore
stability to the overall economy. The Dow Jones industrial average soared 3.35
percent and the tech-dominated Nasdaq composite index advanced 3.4 percent.
The local currency was trading at 1,139.3 won to the U.S. dollar as of 11:20
a.m., up 0.4 won from Friday's finish.
kokobj@yna.co.kr
(END)
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 6.23 points, or
0.43 percent, to 1,462.01 as of 11:20 a.m. after rising to as high as 1,488.94 in
earlier trading.
"Friday's surges on Wall Street set a brisk tone for local stocks with investors
picking up global leading issues such as steelmakers and shipbuilders," said Park
So-yeon, an analyst at Korea Investment & Securities. "Gains, however, were pared
later in the morning as investors rushed to take profits from recent rallies.
Steelmaking giant POSCO jumped 3.74 percent while smaller Hyundai Steel gained
2.14 percent. Leading shipbuilder Hyundai Heavy Industries also rose 3.13
percent.
Stabilizing financial conditions provide a relief to local banking and brokerage
issues, with leading lender Kookmin Bank trading 4.47 percent higher than the
previous session. Major brokerage Mirae Asset & Securities inched up 0.1 percent,
losing almost all of its earlier gains on profit-taking.
Telecoms traded mixed. Second-ranked mobile carrier KTF plunged 7.48 percent
after its top executive was arrested on charges that he had taken kickbacks from
suppliers in business transactions. Market leader SK Telecom, however, gained
1.23 percent on optimistic brokerage reports over its third-quarter earrings.
On Friday, U.S. stocks advanced on expectations that the government would help
rescue struggling financial companies by picking up their bad debts and restore
stability to the overall economy. The Dow Jones industrial average soared 3.35
percent and the tech-dominated Nasdaq composite index advanced 3.4 percent.
The local currency was trading at 1,139.3 won to the U.S. dollar as of 11:20
a.m., up 0.4 won from Friday's finish.
kokobj@yna.co.kr
(END)
