ID :
38568
Fri, 01/02/2009 - 16:08
Auther :
Shortlink :
http://m.oananews.org//node/38568
The shortlink copeid
Seoul shares start new year on high note
SEOUL, Jan. 2 (Yonhap) -- South Korean shares got off to a strong start for the
new year on Friday with the key index surging 2.93 percent on strong shipbuilder
gains. The local currency plummeted against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 32.93 points to
1,157.4. on the first trading day of 2009. Volume was moderate at 335.98 million
shares worth 3.95 trillion won (US$2.99 billion), with winners outpacing losers
586 to 267.
"Shipbuilders helped boost the local bourse as investors expected an increase in
vessel orders down the road," said Lim Tae-keun, an analyst at Daewoo Securities.
Hyundai Heavy Industries, the world's top shipbuilder, led the overall rally by
gaining 7.27 percent to 214,000 won. Second-biggest Samsung Heavy industries rose
by the daily limit of 14.82 percent to 25,950 won, and Daewoo Shipbuilding &
Marine Engineering jumped 14.98 percent to 17,650 won.
Large-cap tech shares also gained substantial ground. Market heavyweight Samsung
Electronics gained 4.21 percent to 470,000 won, snapping a three-session losing
streak. LG Display, the world's second-biggest display maker, surged 11.43
percent to 23,400 won following a news report that output reductions will curb
six months of panel price fall.
Automakers followed suit after reports that top two carmakers secured modest
gains in annual sales last year. Hyundai Motor soared 5.57 percent to 41,700 won
with its affiliate Kia Motors advancing 6.41 percent to 6,970 won.
Bank shares, however, were dented after a Seoul court ruled against currency
options to the detriment of the lenders. Hana Financial, parent company of Hana
Bank, shed 2.31 percent to 19,050 and Woori Finance Holdings which controls Woori
Bank fell 1.26 percent to 6,270 won.
The local currency finished at 1,321 won to the dollar, down 61.5 won from
Tuesday's close, as companies scrambled to buy the greenback to settle import
bills, dealers said.
The local financial markets opened at 10 a.m., an hour later than usual, after
ending 2008 trading on Tuesday.
pbr@yna.co.kr
(END)
new year on Friday with the key index surging 2.93 percent on strong shipbuilder
gains. The local currency plummeted against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 32.93 points to
1,157.4. on the first trading day of 2009. Volume was moderate at 335.98 million
shares worth 3.95 trillion won (US$2.99 billion), with winners outpacing losers
586 to 267.
"Shipbuilders helped boost the local bourse as investors expected an increase in
vessel orders down the road," said Lim Tae-keun, an analyst at Daewoo Securities.
Hyundai Heavy Industries, the world's top shipbuilder, led the overall rally by
gaining 7.27 percent to 214,000 won. Second-biggest Samsung Heavy industries rose
by the daily limit of 14.82 percent to 25,950 won, and Daewoo Shipbuilding &
Marine Engineering jumped 14.98 percent to 17,650 won.
Large-cap tech shares also gained substantial ground. Market heavyweight Samsung
Electronics gained 4.21 percent to 470,000 won, snapping a three-session losing
streak. LG Display, the world's second-biggest display maker, surged 11.43
percent to 23,400 won following a news report that output reductions will curb
six months of panel price fall.
Automakers followed suit after reports that top two carmakers secured modest
gains in annual sales last year. Hyundai Motor soared 5.57 percent to 41,700 won
with its affiliate Kia Motors advancing 6.41 percent to 6,970 won.
Bank shares, however, were dented after a Seoul court ruled against currency
options to the detriment of the lenders. Hana Financial, parent company of Hana
Bank, shed 2.31 percent to 19,050 and Woori Finance Holdings which controls Woori
Bank fell 1.26 percent to 6,270 won.
The local currency finished at 1,321 won to the dollar, down 61.5 won from
Tuesday's close, as companies scrambled to buy the greenback to settle import
bills, dealers said.
The local financial markets opened at 10 a.m., an hour later than usual, after
ending 2008 trading on Tuesday.
pbr@yna.co.kr
(END)
