S. Korean shares up on earnings surprises

20:22, April 26, 2010      

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South Korean shares settled another peak for 2010 thanks to brisk earning reports, local analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 15.17 points, or 0.87 percent, to end at 1752.20, breaking the previous 2010 peak posted three days ago, according to the bourse operator Korea Exchange (KRX).

Thanks to local firms' Q1 earnings surprises and eased woes over Greece's debt problems, the market stayed brisk throughout the session.

While foreigners and institutions stayed net purchasers, individuals made a net sell-off.

Local lenders and financial firms led the rally, gaining 1.60 percent and 1.52 percent, respectively, while pharmaceutical industry and construction sector moved down 0.71 percent and 0.69 percent.

Market giants mostly made an advance, led by Samsung Electronics, POSCO, and Hyundai Motors, which rose 0.48 percent, 2. 29 percent, and 1.15 percent, respectively.

The junior bourse KOSDAQ joined the rally, gaining 1.17 points, or 0.23 percent, ending trading at 517.68, said the KRX.

The derivatives also made an upturn, with the KOSPI 200 Futures market advancing 2.25 points, or 0.99 percent, to close at 230.10, according to the bourse operator.

The local currency regained momentum against the U.S. dollar as well, with the forex rate hitting 1,104.10 won against one U.S. dollar, up 4.60 won from the previous session.

Bond prices closed lower with the yield on three-year Treasury notes moving up 0.01 percentage point to 3.75 percent.

Source: Xinhua


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