ID :
24499
Tue, 10/14/2008 - 19:03
Auther :
Shortlink :
http://m.oananews.org//node/24499
The shortlink copeid
Seoul shares soar 6.14 pct on U.S. rally
SEOUL, Oct. 14 (Yonhap) -- South Korean stocks jumped more than 6 percent Tuesday as investor sentiment was buoyed by overnight rallies in the U.S. and optimism that global efforts to tackle financial turmoil will soon pay off, analysts said.
The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 79.16 points, or
6.14 percent, to 1,367.69. Volume was heavy at 451.85 million shares worth 6.85
trillion won (US$5.71 billion), with winners outpacing losers 797 to 68.
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 that trading has been temporarily
suspended this year.
"The decision by major advanced countries to provide an unlimited amount of
dollars for the market helped ease jitters over a credit crunch, with investors
betting on a bounce-back of recently-battered blue chips," said Bae Sung-young,
an analyst at Hyundai Securities.
Shipbuilding companies were among the best performers thanks to improving market
mood. The won's recent ascent against the dollar also provided a fillip to
shipbuilders which could reduce their cost of buying raw materials with the
strong local currency.
Top shipyard Hyundai Heavy Industries jumped by its daily limit of 14.93 percent
to 231,000 won, while smaller Samsung Heavy Industries also soared by its
single-day limit of 14.83 percent to 25,550 won.
No. 2 financial service provider Shinhan Financial Group added 7.42 percent to
42,000 won and smaller Woori Finance Holdings was up 13.19 percent to close at
13,300 won. Top brokerage Mirae Asset & Securities ended up 8.23 percent at
100,000 won.
Tech exporters added to the upward move, with Samsung Electronics closing up 6.87
percent at 560,000 won. Chipmaking rival Hynix Semiconductor soared 12.57 percent
to 18,800 won.
On Monday, U.S. markets roared back from their worst-ever performance last week,
as unprecedented global efforts to avoid a crisis helped boost shattered investor
sentiment. The Dow Jones industrial average surged 11.08 percent after losing
around 20 percent last week and the tech-dominated Nasdaq composite index also
jumped 11.81 percent.
The local currency ended at 1,208 won to the dollar, up 30 won from Monday's
close, rising for a fourth session. The currency rally stemmed from optimism that
a raft of global measures against the evolving crisis will likely work to
stabilize markets, dealers said.
The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 79.16 points, or
6.14 percent, to 1,367.69. Volume was heavy at 451.85 million shares worth 6.85
trillion won (US$5.71 billion), with winners outpacing losers 797 to 68.
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 that trading has been temporarily
suspended this year.
"The decision by major advanced countries to provide an unlimited amount of
dollars for the market helped ease jitters over a credit crunch, with investors
betting on a bounce-back of recently-battered blue chips," said Bae Sung-young,
an analyst at Hyundai Securities.
Shipbuilding companies were among the best performers thanks to improving market
mood. The won's recent ascent against the dollar also provided a fillip to
shipbuilders which could reduce their cost of buying raw materials with the
strong local currency.
Top shipyard Hyundai Heavy Industries jumped by its daily limit of 14.93 percent
to 231,000 won, while smaller Samsung Heavy Industries also soared by its
single-day limit of 14.83 percent to 25,550 won.
No. 2 financial service provider Shinhan Financial Group added 7.42 percent to
42,000 won and smaller Woori Finance Holdings was up 13.19 percent to close at
13,300 won. Top brokerage Mirae Asset & Securities ended up 8.23 percent at
100,000 won.
Tech exporters added to the upward move, with Samsung Electronics closing up 6.87
percent at 560,000 won. Chipmaking rival Hynix Semiconductor soared 12.57 percent
to 18,800 won.
On Monday, U.S. markets roared back from their worst-ever performance last week,
as unprecedented global efforts to avoid a crisis helped boost shattered investor
sentiment. The Dow Jones industrial average surged 11.08 percent after losing
around 20 percent last week and the tech-dominated Nasdaq composite index also
jumped 11.81 percent.
The local currency ended at 1,208 won to the dollar, up 30 won from Monday's
close, rising for a fourth session. The currency rally stemmed from optimism that
a raft of global measures against the evolving crisis will likely work to
stabilize markets, dealers said.
