중앙데일리

Kospi drinks in gains after U.S. shares rise

Mar 20,2008
Korean stocks jumped more than 2 percent yesterday. The benchmark Kospi rose 33.48 points, or 2.1 percent, closing at 1,622.23.
“Overnight rallies in U.S. stocks gave a boost to Korean and other Asian markets, with investor jitters slightly eased over global financial woes,” said Kang Hyun-cheol, an analyst at Woori Investment and Securities.
On Tuesday, the Dow Jones industrial average jumped 3.5 percent, and the tech-heavy Nasdaq composite index rose 4.2 percent.
Most blue-chip shares closed higher with tech and auto shares gaining substantial ground as investors expect the weak local currency to help boost earnings for such export-driven sectors. Samsung Electronics, the nation’s largest company by market value, jumped 4.1 percent to 591,000 won ($584.86) and top automaker Hyundai Motor rose 2.1 percent to 71,800 won.
Steel and shipyard companies rebounded from recent pullbacks on bargain hunting. Shipbuilder Hyundai Heavy Industries was up 6.4 percent to 348,500 won, while steelmaking giant Posco surged 3.88 percent to 468,000 won.
Machinery shares were also sharp gainers, with top power equipment maker Doosan Heavy Industries and Construction jumping 5.3 percent to 119,000 won.
However, telecom companies remained sluggish. Leading mobile carrier SK Telecom lost 1.6 percent to 183,000 won and No. 1 fixed-line service operator KT closed unchanged at 49,200 won.
The local currency finished up 4.9 won at 1,009.1 won against the dollar as investors unloaded the greenback amid widespread rumors that the nation’s foreign exchange authorities might take action to prevent a further decline by the won, dealers said.
Bond prices, which move inversely to yields, closed sharply lower. The return on three-year Treasuries surged to 5.3 percent, and the benchmark yield on five-year government bonds rose 5.30 percent. Yonhap


dictionary dictionary | 프린트 메일로보내기 내블로그에 저장