ID :
38046
Tue, 12/30/2008 - 14:56
Auther :
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http://m.oananews.org//node/38046
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Seoul shares up 0.62 pct on institution, foreign buying
SEOUL, Dec. 30 (Yonhap) -- South Korean stocks ended up 0.62 percent on the last trading session of this year Tuesday as institutions and foreign investors picked up recently beaten-down shares despite overnight Wall Street setbacks.
The local currency rose against the U.S. dollar for four days in a row.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.88 points to
1,124.47, snapping its five-day losing streak. Volume was moderate at 352.75
million shares worth 3.21 trillion won (US$2.54 billion), with winners outpacing
losers 517 to 285.
"As institutions and foreigners expanded their holdings, the market gained
significant ground, with the index jumping by more than 2 percent at one point,"
said Choi Soon-ho, an analyst at Eugene Investment & Securities. "But the upward
move lost momentum as retailers locked in profits from the short-term rally."
Foreign investors and institutions bought a net 189 billion and 255 billion won
worth of local shares, while retailers unloaded shares valued at 485 billion won.
Machinery and shipping issues were among the marked advancers. Top power
equipment maker Doosan Heavy Industries & Construction jumped 3.28 percent to
62,900 won. Hanjin Shipping, the nation's largest shipper in terms of sales, rose
1.4 percent to 18,100 won.
Refinery companies ended sharply higher on expectations they might benefit from
the won's recent strong performance against the U.S. dollar when importing crude
oil. SK Energy jumped 7.57 percent to 75,300 won.
Tech shares, however, lost ground. Industry leader Samsung Electronics fell 0.66
percent to 451,000 won and smaller LG Electronics inched down 0.13 percent to
74,800 won.
On Monday, U.S. stocks retreated amid renewed tensions in the Middle East and a
surge in oil prices due to supply disruption woes. The Dow Jones industrial
average fell 0.37 percent and the tech-dominated Nasdaq composite index shed 1.3
percent.
The local currency finished at 1,259.5 won to the dollar, up 3.5 won from
Monday's close, amid concerns that the government might intervene in the market
by selling dollars to stem the won's decline.
Bond prices, which move inversely to yields, jumped. The return on three-year
Treasuries plunged 0.20 percentage point to 3.41 percent and the benchmark yield
on five-year government bonds fell 0.25 percentage point to 4.77 percent.
kokobj@yna.co.kr
(END)
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The local currency rose against the U.S. dollar for four days in a row.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.88 points to
1,124.47, snapping its five-day losing streak. Volume was moderate at 352.75
million shares worth 3.21 trillion won (US$2.54 billion), with winners outpacing
losers 517 to 285.
"As institutions and foreigners expanded their holdings, the market gained
significant ground, with the index jumping by more than 2 percent at one point,"
said Choi Soon-ho, an analyst at Eugene Investment & Securities. "But the upward
move lost momentum as retailers locked in profits from the short-term rally."
Foreign investors and institutions bought a net 189 billion and 255 billion won
worth of local shares, while retailers unloaded shares valued at 485 billion won.
Machinery and shipping issues were among the marked advancers. Top power
equipment maker Doosan Heavy Industries & Construction jumped 3.28 percent to
62,900 won. Hanjin Shipping, the nation's largest shipper in terms of sales, rose
1.4 percent to 18,100 won.
Refinery companies ended sharply higher on expectations they might benefit from
the won's recent strong performance against the U.S. dollar when importing crude
oil. SK Energy jumped 7.57 percent to 75,300 won.
Tech shares, however, lost ground. Industry leader Samsung Electronics fell 0.66
percent to 451,000 won and smaller LG Electronics inched down 0.13 percent to
74,800 won.
On Monday, U.S. stocks retreated amid renewed tensions in the Middle East and a
surge in oil prices due to supply disruption woes. The Dow Jones industrial
average fell 0.37 percent and the tech-dominated Nasdaq composite index shed 1.3
percent.
The local currency finished at 1,259.5 won to the dollar, up 3.5 won from
Monday's close, amid concerns that the government might intervene in the market
by selling dollars to stem the won's decline.
Bond prices, which move inversely to yields, jumped. The return on three-year
Treasuries plunged 0.20 percentage point to 3.41 percent and the benchmark yield
on five-year government bonds fell 0.25 percentage point to 4.77 percent.
kokobj@yna.co.kr
(END)
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