S Korean shares close up on hopes for economic recovery

16:26, June 11, 2010      

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South Korean stocks closed up Friday to a nearly one-month high on hopes for the global economic recovery, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) soared 23.64 points, or 1.43 percent, to finish at 1,675.34, the highest in about a month, according to the bourse operator Korea Exchange (KRX).

Trading volume was moderate at 362.78 million shares, worth 5.3 trillion won (4.2 billion U.S. dollars) with gainers far outnumbering losers 502 to 299.

Overseas economic data indicating the improving world economy, including China's export data and U.S. weekly unemployment results, led the bullish market atmosphere.

Foreign investors returned to the local market after net selling for the past four sessions on European debt woes.

Shipbuilders ended stronger. Hyundai Heavy Industries, the world's No. 1 shipbuilder, zoomed up 6.49 percent to 223,500 won while its smaller affiliate, Hyundai Mipo Dockyard, gained 4.07 percent to 128,000 won on the back of a brokerage report that the company beat rivals in securing orders.

Samsung Heavy Industries, another shipbuilding giant, surged 4. 46 percent to 23,400 won.

Steel makers also weighed in after news that six oil-rich gulf states decided not to slap anti-dumping duties on steel imports from South Korea. POSCO, the steel heavyweight, advanced 3.79 percent to end at 465,000 won, while Hyundai Steel gained 0.81 percent to 87,200 won.

The junior bourse KOSDAQ ended down, losing 0.38 points to finish at 491.25.

The local currency finished at 1,246.1 won to the greenback, up 4.9 won from Thursday's close, helped by optimistic overseas market data.

Bond prices closed higher, with the yield on three-year treasury notes climbing 0.04 basis points to close at 3.68 percent.



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