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Seoul shares up 0.25% on ECB hopes, eased currency woes
By Korea HeraldPublished : Sept. 4, 2014 - 20:32
South Korean stocks finished slightly higher Thursday as hopes of easing in Europe and ebbed currency woes boosted market sentiment here, analysts said. The South Korean won rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index rose 5.06 points, or 0.25 percent, to close at 2,056.26. Trading volume was moderate at 372 million shares worth 4.44 trillion won ($4.36 billion), with losers outnumbering gainers, 450 to 341.
“Investors are speculating that the European Central Bank may roll out an easing policy,” said Kim Yong-ku, an analyst at Samsung Securities.
ECB President Mario Draghi said earlier the bank was fully ready to inject liquidity into the financial system, which will help boost the global equity market.
Also, woes eased over the Korean won‘s sharp ascent against the Japanese yen. Exporters in the two countries directly compete in overseas markets in such sectors as autos and electronics.
Tech, steel and telecom shares gained ground, while automakers slumped.
Market bellwether Samsung Electronics Co. rose 1.77 percent to close at 1,210,000 won after the world’s largest handset maker rolled out a new version of its phablet, the Galaxy Note 4. Its shares have been suffering a slump for the past few sessions on concerns that its profitability for the third quarter may fall short of market expectations due to squeezed margins in the smartphone arena.
SK hynix, a global chipmaker, advanced 0.6 percent to end at 42,050 won, and POSCO, the nation‘s top steelmaker, rose 1.34 percent to end at 339,500 won.
In contrast, industry leader Hyundai Motor shed 0.23 percent to end at 211,500 won, and its smaller affiliate, Kia Motors Corp., fell 0.17 percent to 58,500 won.
Hyundai Mobis, the largest auto parts maker, also dropped 0.88 percent to finish at 280,500 won.
Hotel Shilla, the operator of duty-free stores, plunged 11.16 percent to end at 107,500 won on news that duty-free shop operators may be subject to a new tax scheme.
The local currency ended at 1,019.00 won against the greenback, up one won from Wednesday’s close, as exporters sold dollars ahead of the Chuseok fall harvest holiday, which starts on Saturday and runs through Wednesday.
The won retreated from its six-year high against the yen on concerns over intervention. The won reached 971.34 won per 100 yen as of 3:08 p.m., down 1.95 won from the previous session‘s end. (Yonhap)
The benchmark Korea Composite Stock Price Index rose 5.06 points, or 0.25 percent, to close at 2,056.26. Trading volume was moderate at 372 million shares worth 4.44 trillion won ($4.36 billion), with losers outnumbering gainers, 450 to 341.
“Investors are speculating that the European Central Bank may roll out an easing policy,” said Kim Yong-ku, an analyst at Samsung Securities.
ECB President Mario Draghi said earlier the bank was fully ready to inject liquidity into the financial system, which will help boost the global equity market.
Also, woes eased over the Korean won‘s sharp ascent against the Japanese yen. Exporters in the two countries directly compete in overseas markets in such sectors as autos and electronics.
Tech, steel and telecom shares gained ground, while automakers slumped.
Market bellwether Samsung Electronics Co. rose 1.77 percent to close at 1,210,000 won after the world’s largest handset maker rolled out a new version of its phablet, the Galaxy Note 4. Its shares have been suffering a slump for the past few sessions on concerns that its profitability for the third quarter may fall short of market expectations due to squeezed margins in the smartphone arena.
SK hynix, a global chipmaker, advanced 0.6 percent to end at 42,050 won, and POSCO, the nation‘s top steelmaker, rose 1.34 percent to end at 339,500 won.
In contrast, industry leader Hyundai Motor shed 0.23 percent to end at 211,500 won, and its smaller affiliate, Kia Motors Corp., fell 0.17 percent to 58,500 won.
Hyundai Mobis, the largest auto parts maker, also dropped 0.88 percent to finish at 280,500 won.
Hotel Shilla, the operator of duty-free stores, plunged 11.16 percent to end at 107,500 won on news that duty-free shop operators may be subject to a new tax scheme.
The local currency ended at 1,019.00 won against the greenback, up one won from Wednesday’s close, as exporters sold dollars ahead of the Chuseok fall harvest holiday, which starts on Saturday and runs through Wednesday.
The won retreated from its six-year high against the yen on concerns over intervention. The won reached 971.34 won per 100 yen as of 3:08 p.m., down 1.95 won from the previous session‘s end. (Yonhap)
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Articles by Korea Herald
