ID :
34894
Wed, 12/10/2008 - 15:43
Auther :
Shortlink :
http://m.oananews.org//node/34894
The shortlink copeid
Seoul shares end up 3.6 pct on bank, auto gains
(ATTN: ADDS bond yields at bottom)
SEOUL, Dec. 10 (Yonhap) -- South Korean stocks closed 3.62 percent higher Wednesday as investors picked up bank and automobile shares, shrugging off overnight Wall Street losses, analysts said. The local currency jumped against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 40.03 points to
1,145.87. Volume was heavy at 548.4 million shares worth 7.33 trillion won
(US$5.26 billion), with gainers outpacing losers 621 to 200.
"Foreign investors' stock buying gave a boost to the local market. Investors
seemed to have expectations for a year-end rally," said Bae Sung-young, an
analyst at Hyundai Securities Co.
Reports that the U.S. government and Congress tentatively agreed on a deal to
save the ailing auto industry lifted sentiment across the Asian region.
Foreigners snapped up a net 343.9 billion won worth of local stocks on the Seoul
bourse.
Beaten-down shares like banks and builders gained momentum. KB Financial Group,
the holding company of Kookmin Bank, jumped 6.93 percent to 35,500 won and its
rival Hana Financial Group rose by the daily limit of 15 percent to 20,850 won.
Top carmaker Hyundai Motor jumped 9.16 percent to 47,050 won and its affiliate
Kia Motors advanced 8.53 percent to 7,510 won.
But after trading higher, chip giant Hynix Semiconductor closed 0.14 percent
lower to 7,380 won despite reports that the chipmaker would get a lifeline from
its creditor banks. Local banks tentatively agreed to provide funds worth 800
billion won to Hynix, which is suffering from a liquidity crunch.
U.S. stocks tumbled Tuesday as weaker earnings reports chilled investor
sentiment. The Dow Jones industrial average shed 2.72 percent and the
tech-dominated Nasdaq composite index declined 1.55 percent.
The local currency ended at 1,393.8 won to the dollar, up 53.2 won from Tuesday's
close, as offshore investors snapped up local stocks, dealers said.
Bond prices, which move inversely to yields, closed lower. The return on
three-year Treasuries added 0.05 percentage point to 4.21 percent and the
benchmark yield on five-year government bonds rose 0.08 percentage point to 4.52
percent.
sooyeon@yna.co.kr
(END)
SEOUL, Dec. 10 (Yonhap) -- South Korean stocks closed 3.62 percent higher Wednesday as investors picked up bank and automobile shares, shrugging off overnight Wall Street losses, analysts said. The local currency jumped against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 40.03 points to
1,145.87. Volume was heavy at 548.4 million shares worth 7.33 trillion won
(US$5.26 billion), with gainers outpacing losers 621 to 200.
"Foreign investors' stock buying gave a boost to the local market. Investors
seemed to have expectations for a year-end rally," said Bae Sung-young, an
analyst at Hyundai Securities Co.
Reports that the U.S. government and Congress tentatively agreed on a deal to
save the ailing auto industry lifted sentiment across the Asian region.
Foreigners snapped up a net 343.9 billion won worth of local stocks on the Seoul
bourse.
Beaten-down shares like banks and builders gained momentum. KB Financial Group,
the holding company of Kookmin Bank, jumped 6.93 percent to 35,500 won and its
rival Hana Financial Group rose by the daily limit of 15 percent to 20,850 won.
Top carmaker Hyundai Motor jumped 9.16 percent to 47,050 won and its affiliate
Kia Motors advanced 8.53 percent to 7,510 won.
But after trading higher, chip giant Hynix Semiconductor closed 0.14 percent
lower to 7,380 won despite reports that the chipmaker would get a lifeline from
its creditor banks. Local banks tentatively agreed to provide funds worth 800
billion won to Hynix, which is suffering from a liquidity crunch.
U.S. stocks tumbled Tuesday as weaker earnings reports chilled investor
sentiment. The Dow Jones industrial average shed 2.72 percent and the
tech-dominated Nasdaq composite index declined 1.55 percent.
The local currency ended at 1,393.8 won to the dollar, up 53.2 won from Tuesday's
close, as offshore investors snapped up local stocks, dealers said.
Bond prices, which move inversely to yields, closed lower. The return on
three-year Treasuries added 0.05 percentage point to 4.21 percent and the
benchmark yield on five-year government bonds rose 0.08 percentage point to 4.52
percent.
sooyeon@yna.co.kr
(END)
