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Seoul shares up 0.38 pct on eased eurozone concerns
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South Korean stocks finished 0.38 percent higher on Monday, led by blue-chip
tech and shipbuilders, as the result of France-Germany summit helped assure
investors that Europe is dealing with its crisis, analysts said. The local
currency climbed against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.67 points to 1,766.44. Trading volume was light at 271 million shares worth 4.97 trillion won (US$4.24 billion) with gainers leading losers 566 to 273.
"The KOSPI gained ground on reduced worries about Europe's financial crisis. But there is no market consensus that this crisis will be resolved in the short term," said Lee Jae-man, an analyst at Tong Yang Securities Inc. "The market still remained volatile."
Although the KOSPI extended its winning streak to a third consecutive session, the banking sector lost ground and foreign investors continued to sell Seoul stocks.
The leaders of France and Germany pledged to aid the troubled banking sector in Europe on Sunday, which helped shore up investor confidence.
Blue-chip tech firms were the brightest spot. Market bellwether Samsung Electronics rose 1.63 percent to 874,000 won after it released a better-than-expected earnings for the third quarter. LG Display, the world's No. 2 maker of liquid crystal display (LCD) panels, jumped 5.99 percent to 21,250 won on expectations that its stock price losses were overdone.
Hanjin Heavy Industries and Construction skyrocketed by the daily limit of 15 percent to 18,400 won as investors made bets on the impending end to the management-union conflict.
Bank and financial companies, however, lost ground. Hana Financial Group fell 3.57 percent to 35,100 won and KB Finance Group dipped 1.79 percent to 41,200 won.
The local currency closed at 1,171.4 won to the greenback, up 7.1 won from Friday's close, as investors added risky assets on reduced eurozone woes, dealers said.
Date
2011.10.10
The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.67 points to 1,766.44. Trading volume was light at 271 million shares worth 4.97 trillion won (US$4.24 billion) with gainers leading losers 566 to 273.
"The KOSPI gained ground on reduced worries about Europe's financial crisis. But there is no market consensus that this crisis will be resolved in the short term," said Lee Jae-man, an analyst at Tong Yang Securities Inc. "The market still remained volatile."
Although the KOSPI extended its winning streak to a third consecutive session, the banking sector lost ground and foreign investors continued to sell Seoul stocks.
The leaders of France and Germany pledged to aid the troubled banking sector in Europe on Sunday, which helped shore up investor confidence.
Blue-chip tech firms were the brightest spot. Market bellwether Samsung Electronics rose 1.63 percent to 874,000 won after it released a better-than-expected earnings for the third quarter. LG Display, the world's No. 2 maker of liquid crystal display (LCD) panels, jumped 5.99 percent to 21,250 won on expectations that its stock price losses were overdone.
Hanjin Heavy Industries and Construction skyrocketed by the daily limit of 15 percent to 18,400 won as investors made bets on the impending end to the management-union conflict.
Bank and financial companies, however, lost ground. Hana Financial Group fell 3.57 percent to 35,100 won and KB Finance Group dipped 1.79 percent to 41,200 won.
The local currency closed at 1,171.4 won to the greenback, up 7.1 won from Friday's close, as investors added risky assets on reduced eurozone woes, dealers said.
Source: Yonhap News (Oct. 10, 2011)