S Korean shares close up on rate freeze

19:34, June 10, 2010      

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South Korean shares on Thursday closed up on rate freeze.

The benchmark Korea Composite Stock Price Index (KOSPI) added 4. 48 points, or 0.27 percent, to finish at 1,651.70, according to the bourse operator Korea Exchange (KRX).

On U.S. falls, the KOSPI saw an increase in volatility, which later was stabilized as the central bank announced to freeze the key rate at a record low of 2 percent for the 16th consecutive month.

While foreigners secured their net selling position for the fourth-straight session, retail investors and institutions remained net buyers.

Except for electronic gas shares that fell 1.19 percent, all other sectors joined the market rally.

Market giants, such as Samsung Electronics and POSCO, climbed 0. 39 percent and 0.34 percent, respectively, while Hyundai Motors lost 0.73 percent, said the KRX.

The junior bourse KOSDAQ also closed up, rising 4.63 points, or 0.95 percent, to close at 491.63.

The derivatives also closed higher with the KOSPI 200 Futures market moving up 0.95 point, or 0.44 percent, to 216.50, according to the bourse operator.

Meanwhile, the local currency continued to lose strength against the U.S. dollar, shedding 2.30 won to end trading at 1,251 won .

Bond prices closed lower, with the yield on three-year Treasury notes jumping 0.03 percentage point to 3.64 percent.

Source: Xinhua


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