ID :
20990
Wed, 09/24/2008 - 14:42
Auther :
Shortlink :
http://m.oananews.org//node/20990
The shortlink copeid
Seoul shares up on machinery, tech gains
SEOUL, Sept. 24 (Yonhap) -- South Korean stocks closed higher Wednesday as
investors picked up machinery, tech and other large caps, shrugging off a
downswing in Wall Street's overnight session, analysts said. The local currency
fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.61 points, or
0.99 percent, to 1,495.98, marking gains for the fourth consecutive trading day.
Volume was heavy at 492.01 million shares worth 5.7 trillion won (US$4.93
billion), with winners outpacing losers 499 to 316.
"Wall Street losses in Tuesday's trading didn't seem to affect the market here
that much, with investor sentiment seemingly showing signs of a recovery," said
Bae Sung-young, an analyst at Hyundai Securities. "Veteran investor Warren
Buffett's reported plan to invest US$5 billion in Goldman Sachs also seems to
have added comfort to investor sentiment."
Foreigners bought more local shares than they sold on Wednesday, with net
purchases here for four out of the most recent six trading sessions helping prop
up the bourse despite recent fluctuations in U.S. markets, analysts noted.
Machinery and tech stocks drove the index higher. Top power generator producer
Doosan Heavy Industries surged 4.78 percent to 94,300 won and chipmaking giant
Samsung Electronics added 0.71 percent to close at 564,000 won.
Major brokerage firms were also among marked gainers on eased financial woes.
Mirae Asset & Securities jumped 4.98 percent to 105,500 won, while smaller
Daishin Securities rose 4.23 percent to 18,500 won.
Banks and steelmakers, however, lost ground. Top lender Kookmin Bank tumbled 5.55
percent to 54,500 won on its last trading day before being suspended for its move
to turn into a holding company. Leading steelmaker POSCO fell 1.27 percent to
466,500 won.
On Tuesday, U.S. stocks fell as the government's proposed $700 billion bail-out
plan for its ailing financial system could be delayed amid congressional
wrangling. The Dow Jones industrial average plunged 1.47 percent and the
tech-dominated Nasdaq composite index lost 1.18 percent.
The local currency closed at 1,154.5 won to the dollar, down 5.5 won from
Tuesday's close, on increased greenback demand from importers for settlements,
dealers said.
investors picked up machinery, tech and other large caps, shrugging off a
downswing in Wall Street's overnight session, analysts said. The local currency
fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.61 points, or
0.99 percent, to 1,495.98, marking gains for the fourth consecutive trading day.
Volume was heavy at 492.01 million shares worth 5.7 trillion won (US$4.93
billion), with winners outpacing losers 499 to 316.
"Wall Street losses in Tuesday's trading didn't seem to affect the market here
that much, with investor sentiment seemingly showing signs of a recovery," said
Bae Sung-young, an analyst at Hyundai Securities. "Veteran investor Warren
Buffett's reported plan to invest US$5 billion in Goldman Sachs also seems to
have added comfort to investor sentiment."
Foreigners bought more local shares than they sold on Wednesday, with net
purchases here for four out of the most recent six trading sessions helping prop
up the bourse despite recent fluctuations in U.S. markets, analysts noted.
Machinery and tech stocks drove the index higher. Top power generator producer
Doosan Heavy Industries surged 4.78 percent to 94,300 won and chipmaking giant
Samsung Electronics added 0.71 percent to close at 564,000 won.
Major brokerage firms were also among marked gainers on eased financial woes.
Mirae Asset & Securities jumped 4.98 percent to 105,500 won, while smaller
Daishin Securities rose 4.23 percent to 18,500 won.
Banks and steelmakers, however, lost ground. Top lender Kookmin Bank tumbled 5.55
percent to 54,500 won on its last trading day before being suspended for its move
to turn into a holding company. Leading steelmaker POSCO fell 1.27 percent to
466,500 won.
On Tuesday, U.S. stocks fell as the government's proposed $700 billion bail-out
plan for its ailing financial system could be delayed amid congressional
wrangling. The Dow Jones industrial average plunged 1.47 percent and the
tech-dominated Nasdaq composite index lost 1.18 percent.
The local currency closed at 1,154.5 won to the dollar, down 5.5 won from
Tuesday's close, on increased greenback demand from importers for settlements,
dealers said.
