ID :
20779
Tue, 09/23/2008 - 17:37
Auther :
Shortlink :
http://m.oananews.org//node/20779
The shortlink copeid
Seoul shares up on machinery, finance gains
SEOUL, Sept. 23 (Yonhap) -- South Korean stocks bounced back from a weak start
Tuesday as institutions and retail investors snapped up machinery, finance and
other blue-chip stocks despite lingering concerns over financial instability,
analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.03 points, or
1.44 percent, to 1,481.37. Volume was heavy at 460.25 million shares worth 4.99
trillion won (US$4.34 billion), with winners outpacing losers 533 to 282.
"The local bourse got off to a weak start, taking a cue from overnight steep
losses on Wall Street, but soon reversed course and built upward momentum on
expectations the U.S. government's plan to rescue ailing financial companies will
help ease market uncertainties," said Lee Sun-yup, an analyst at Goodmorning
Shinhan Securities.
U.S. stocks slumped on Monday as investors grew nervous about Washington's plan
to buy $700 billion in soured mortgage-linked debts. The Dow Jones industrial
average plunged 3.27 percent and the tech-dominated Nasdaq composite index fell
4.17 percent.
Heavy machinery and financial firms led the overall gains. Leading power
generator producer Doosan Heavy Industries rose 2.16 percent to 90.000 won, while
Mirae Asset & Securities jumped 4.15 percent to 100,500 won.
Smaller brokerage Eugene Investment & Securities jumped by the daily limit of
14.77 percent to 1,515 won on reports that top lender Kookmin Bank is considering
taking over the company. Kookmin Bank, however, ended down 1.37 percent at 57,700
won.
Shipyards and tech exporters added to the upward momentum. Second-ranked
shipbuilder Samsung Heavy Industries advanced 3.49 percent to 32,600 won, while
No. 2 chipmaker Hynix Semiconductor rose 2.56 percent to 20,000 won. Tech
bellwether Samsung Electronics inched up 0.36 percent to close at 560,000 won.
The local currency closed at 1,149 won to the dollar, down 8.7 won from Monday's
close, on increased demand for the greenback from banks and offshore investors,
dealers said.
Tuesday as institutions and retail investors snapped up machinery, finance and
other blue-chip stocks despite lingering concerns over financial instability,
analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.03 points, or
1.44 percent, to 1,481.37. Volume was heavy at 460.25 million shares worth 4.99
trillion won (US$4.34 billion), with winners outpacing losers 533 to 282.
"The local bourse got off to a weak start, taking a cue from overnight steep
losses on Wall Street, but soon reversed course and built upward momentum on
expectations the U.S. government's plan to rescue ailing financial companies will
help ease market uncertainties," said Lee Sun-yup, an analyst at Goodmorning
Shinhan Securities.
U.S. stocks slumped on Monday as investors grew nervous about Washington's plan
to buy $700 billion in soured mortgage-linked debts. The Dow Jones industrial
average plunged 3.27 percent and the tech-dominated Nasdaq composite index fell
4.17 percent.
Heavy machinery and financial firms led the overall gains. Leading power
generator producer Doosan Heavy Industries rose 2.16 percent to 90.000 won, while
Mirae Asset & Securities jumped 4.15 percent to 100,500 won.
Smaller brokerage Eugene Investment & Securities jumped by the daily limit of
14.77 percent to 1,515 won on reports that top lender Kookmin Bank is considering
taking over the company. Kookmin Bank, however, ended down 1.37 percent at 57,700
won.
Shipyards and tech exporters added to the upward momentum. Second-ranked
shipbuilder Samsung Heavy Industries advanced 3.49 percent to 32,600 won, while
No. 2 chipmaker Hynix Semiconductor rose 2.56 percent to 20,000 won. Tech
bellwether Samsung Electronics inched up 0.36 percent to close at 560,000 won.
The local currency closed at 1,149 won to the dollar, down 8.7 won from Monday's
close, on increased demand for the greenback from banks and offshore investors,
dealers said.
