ID :
24222
Mon, 10/13/2008 - 18:50
Auther :
Shortlink :
http://m.oananews.org//node/24222
The shortlink copeid
Seoul shares jump on optimism over global efforts to fight financial turmoil
(ATTN: ADDS bond yields at bottom)
SEOUL, Oct. 13 (Yonhap) -- South Korean stocks surged Monday as investor sentiment was lifted thanks to ongoing global efforts to tackle the evolving financial turmoil in the world, analysts said. The local currency rose against the U.S. dollar for a third straight session.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 47.06 points or 3.79
percent to 1,288.53. Volume was moderate at 375.61 million shares worth 5.43
trillion won (US$4.38 billion), with winners outpacing losers 682 to 170.
Earlier steep gains prompted the Korea Exchange (KRX), the bourse operator, to
suspend the program trading temporarily to cool the market right after its
opening. The move marked the sixth time trading has been temporarily suspended
this year.
"Investors seemed to believe that the index has hit a short-term bottom following
its excessive plunge last week," said Lee Sun-yup, an analyst at Goodmorning
Shinhan Securities. "Accelerating global efforts to avoid a crisis also helped
prop up dented confidence, triggering the rallies."
On Saturday, financial leaders from the Group of Seven advanced countries issued
a statement, pledging to take "all necessary steps" to stabilize markets.
Lee added that the won's ascent against the U.S. dollar also lifted investor mood
by dispelling jitters South Korea might slip into a similar crisis it suffered a
decade ago. The strong won, however, prompted a sell-off by foreigners who eyed
higher returns from currency conversion.
Most blue chips posted sharp gains, with top steelmaker POSCO surging 5.17
percent to 376,500 won and smaller Hyundai Steel jumping 9.74 percent to 44,500
won.
Shipyards and machinery shares were also among the marked gainers. No. 1
shipbuilder Hyundai Heavy Industries advanced 2.03 percent to 201,000 won and its
rival Samsung Heavy Industries rose 7.49 percent to 22,250 won.
Financials ended sharply higher as investors bet on hopes for ongoing global
efforts against financial crisis will help stabilize markets. Woori Finance
Holdings soared 14.08 percent to 11,750 won and leading brokerage Mirae Asset &
Securities also added 5.48 percent to 92,400 won.
Carmakers and tech exporters, however, lost ground. Hyundai Motor, the nation's
top carmaker, inched down 0.29 percent to 68,400 won, while No. 2 tech giant LG
Electronics lost 2.79 percent to 104,500 won.
The local currency rose for a third straight session. The won ended at 1,238 won
to the dollar, up 71 won from Friday's close as investors dumped the greenback on
expectations over government intervention, dealers said.
Bond prices, which move inversely to yields, plunged. The return on three-year
Treasuries jumped 0.06 percentage point to 5.29 percent and the benchmark yield
on five-year government bonds rose 0.08 percentage point to 5.33 percent.
SEOUL, Oct. 13 (Yonhap) -- South Korean stocks surged Monday as investor sentiment was lifted thanks to ongoing global efforts to tackle the evolving financial turmoil in the world, analysts said. The local currency rose against the U.S. dollar for a third straight session.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 47.06 points or 3.79
percent to 1,288.53. Volume was moderate at 375.61 million shares worth 5.43
trillion won (US$4.38 billion), with winners outpacing losers 682 to 170.
Earlier steep gains prompted the Korea Exchange (KRX), the bourse operator, to
suspend the program trading temporarily to cool the market right after its
opening. The move marked the sixth time trading has been temporarily suspended
this year.
"Investors seemed to believe that the index has hit a short-term bottom following
its excessive plunge last week," said Lee Sun-yup, an analyst at Goodmorning
Shinhan Securities. "Accelerating global efforts to avoid a crisis also helped
prop up dented confidence, triggering the rallies."
On Saturday, financial leaders from the Group of Seven advanced countries issued
a statement, pledging to take "all necessary steps" to stabilize markets.
Lee added that the won's ascent against the U.S. dollar also lifted investor mood
by dispelling jitters South Korea might slip into a similar crisis it suffered a
decade ago. The strong won, however, prompted a sell-off by foreigners who eyed
higher returns from currency conversion.
Most blue chips posted sharp gains, with top steelmaker POSCO surging 5.17
percent to 376,500 won and smaller Hyundai Steel jumping 9.74 percent to 44,500
won.
Shipyards and machinery shares were also among the marked gainers. No. 1
shipbuilder Hyundai Heavy Industries advanced 2.03 percent to 201,000 won and its
rival Samsung Heavy Industries rose 7.49 percent to 22,250 won.
Financials ended sharply higher as investors bet on hopes for ongoing global
efforts against financial crisis will help stabilize markets. Woori Finance
Holdings soared 14.08 percent to 11,750 won and leading brokerage Mirae Asset &
Securities also added 5.48 percent to 92,400 won.
Carmakers and tech exporters, however, lost ground. Hyundai Motor, the nation's
top carmaker, inched down 0.29 percent to 68,400 won, while No. 2 tech giant LG
Electronics lost 2.79 percent to 104,500 won.
The local currency rose for a third straight session. The won ended at 1,238 won
to the dollar, up 71 won from Friday's close as investors dumped the greenback on
expectations over government intervention, dealers said.
Bond prices, which move inversely to yields, plunged. The return on three-year
Treasuries jumped 0.06 percentage point to 5.29 percent and the benchmark yield
on five-year government bonds rose 0.08 percentage point to 5.33 percent.
