ID :
20604
Mon, 09/22/2008 - 15:30
Auther :
Shortlink :
http://m.oananews.org//node/20604
The shortlink copeid
Seoul shares edge up on eased market jitters
SEOUL, Sept. 22 (Yonhap) -- South Korean stocks finished marginally higher Monday as investors picked up steel, shipyard and other large-cap shares on optimism that Washington-led measures to rescue ailing financial firms may lead to overall market stabilization, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.56 points, or 0.31
percent, to 1,460.34. The key index rose above the 1,488-mark in early trading
before reducing out its losses in the afternoon on retail bargain hunting.
Volume was heavy at 347 million shares worth 6.03 trillion won (US$5.52 billion).
Losers, however, outpaced gainers 480 to 341.
"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 as investors rushed to take profits from recent
rallies," Park noted.
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.
Steelmakers and lenders led the overall gains, with industries' leaders POSCO
climbing 2.53 percent to 466,000 won and Kookmin Bank advancing 4.65 percent to
58,500 won.
Construction and auto stocks also finished in the black. Hyundai Engineering &
Construction soared 4.57 percent to 71,000 won and leading automaker Hyundai
Motor added 2.43 percent to end at 71,700 won.
Tech exporters and telecoms, however, finished in negative territory. Hynix
Semiconductor, the world's No. 2 chip maker, shed 2.74 percent to 19,500 won and
KTF, the nation's second-largest mobile carrier, tumbled 4.08 percent to 28,200
won after prosecutors sought an arrest warrant for its Chief Executive Cho
Young-ju on suspicions of taking kickbacks from suppliers.
The local currency closed at 1,140.2 won to the dollar, down 0.6 won from
Friday's close as offshore investors snapped up the greenback, dealers said.
odissy@yna.co.kr
(END)
The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.56 points, or 0.31
percent, to 1,460.34. The key index rose above the 1,488-mark in early trading
before reducing out its losses in the afternoon on retail bargain hunting.
Volume was heavy at 347 million shares worth 6.03 trillion won (US$5.52 billion).
Losers, however, outpaced gainers 480 to 341.
"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 as investors rushed to take profits from recent
rallies," Park noted.
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.
Steelmakers and lenders led the overall gains, with industries' leaders POSCO
climbing 2.53 percent to 466,000 won and Kookmin Bank advancing 4.65 percent to
58,500 won.
Construction and auto stocks also finished in the black. Hyundai Engineering &
Construction soared 4.57 percent to 71,000 won and leading automaker Hyundai
Motor added 2.43 percent to end at 71,700 won.
Tech exporters and telecoms, however, finished in negative territory. Hynix
Semiconductor, the world's No. 2 chip maker, shed 2.74 percent to 19,500 won and
KTF, the nation's second-largest mobile carrier, tumbled 4.08 percent to 28,200
won after prosecutors sought an arrest warrant for its Chief Executive Cho
Young-ju on suspicions of taking kickbacks from suppliers.
The local currency closed at 1,140.2 won to the dollar, down 0.6 won from
Friday's close as offshore investors snapped up the greenback, dealers said.
odissy@yna.co.kr
(END)
