S. Korean shares rise on eased nuke concerns about Japan
South Korean shares ended 0.5 percent higher on Tuesday as eased concerns over Japan's nuclear power plants underpinned investor sentiment, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 10. 24 points, or 0.51 percent to 2,013.66, extending its winning streak into five trading days. Trading volume stood at 301.1 million shares worth 7.41 trillion won (6.61 billion U.S. dollars).
The KOSPI started 0.45 percent higher and fluctuated around 2, 010 points all the trading day as Japan's nuclear crisis passed its worst case scenario.
Japan said on Sunday that a power line was connected to some of the damaged reactors to restore cooling systems, easing concerns over further radiation leaks.
Speculation that the political unrest in Libya will likely be resolved earlier than expected also helped the KOSPI rise above the 2,010-level since mid-February.
Continued foreign buying drove the KOSPI higher. Foreign investors bought a net 236 billion won worth of local stocks, keeping its buying streak for the fifth consecutive session. Foreigners also bought a net 4,533 contracts of KOSPI200 futures in the futures market.
Meanwhile, institutional investors dumped a net 278.3 billion won worth of shares, limiting the KOSPI's further gain. Retail investors were net sellers of 12.8 biilion won worth of stocks.
Despite the latest rallies, divergence between winners and losers become clear, analysts said.
"The divergence between winners and losers turned outstanding despite the recent stock market rally. Reconstruction-related firms will likely benefit down the road," Shim Jae-youb, an equity strategist at Shinhan Investment Corp. in Seoul, said in a daily report.
Shim picked petrochemical, chemical, machinery and heavy industry companies as the reconstruction beneficiaries.
Automakers and shipbuilers led the rally. Leading carmaker Hyundai Motor climbed 4.42 percent to 189,000 won and its affiliat! e Kia Mo tors gained 3.57 percent to 63,800 won.
The world's largest shipbuilder Hyundai Heavy Industries jumped 3.65 percent to 496,500 won and its smaller rival Daewoo Shipbuilding & Marine Engineering rose 2.78 percent to 35,150 won.
The local currency finished at 1,121.00 won against the U.S. dollar, up 3.90 won from Monday's close.
Bond prices finished higher. The yield on the liquid three-year treasury notes fell 0.01 percentage point to 3.70 percent, and the benchmark five-year government bonds lost 0.03 percentage point to 4.11 percent.
Source: Xinhua
Weekly review
The benchmark Korea Composite Stock Price Index (KOSPI) rose 10. 24 points, or 0.51 percent to 2,013.66, extending its winning streak into five trading days. Trading volume stood at 301.1 million shares worth 7.41 trillion won (6.61 billion U.S. dollars).
The KOSPI started 0.45 percent higher and fluctuated around 2, 010 points all the trading day as Japan's nuclear crisis passed its worst case scenario.
Japan said on Sunday that a power line was connected to some of the damaged reactors to restore cooling systems, easing concerns over further radiation leaks.
Speculation that the political unrest in Libya will likely be resolved earlier than expected also helped the KOSPI rise above the 2,010-level since mid-February.
Continued foreign buying drove the KOSPI higher. Foreign investors bought a net 236 billion won worth of local stocks, keeping its buying streak for the fifth consecutive session. Foreigners also bought a net 4,533 contracts of KOSPI200 futures in the futures market.
Meanwhile, institutional investors dumped a net 278.3 billion won worth of shares, limiting the KOSPI's further gain. Retail investors were net sellers of 12.8 biilion won worth of stocks.
Despite the latest rallies, divergence between winners and losers become clear, analysts said.
"The divergence between winners and losers turned outstanding despite the recent stock market rally. Reconstruction-related firms will likely benefit down the road," Shim Jae-youb, an equity strategist at Shinhan Investment Corp. in Seoul, said in a daily report.
Shim picked petrochemical, chemical, machinery and heavy industry companies as the reconstruction beneficiaries.
Automakers and shipbuilers led the rally. Leading carmaker Hyundai Motor climbed 4.42 percent to 189,000 won and its affiliat! e Kia Mo tors gained 3.57 percent to 63,800 won.
The world's largest shipbuilder Hyundai Heavy Industries jumped 3.65 percent to 496,500 won and its smaller rival Daewoo Shipbuilding & Marine Engineering rose 2.78 percent to 35,150 won.
The local currency finished at 1,121.00 won against the U.S. dollar, up 3.90 won from Monday's close.
Bond prices finished higher. The yield on the liquid three-year treasury notes fell 0.01 percentage point to 3.70 percent, and the benchmark five-year government bonds lost 0.03 percentage point to 4.11 percent.
Source: Xinhua
Weekly review
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