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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Seoul shares rise as investors welcome rate hike Reuters - 1 hour 16 minutes ago Send IM Story Print * Foreign buying continues for a second session * Banks advance on higher margin hopes after rate rise By Jungyoun Park SEOUL, July 9 - Seoul shares rose on Friday as investors welcomed the central bank's surprise rate hike decision as a sign the economy was making a firm recovery, sending exporters and financials including Hana Financial <086790.KS> up. The Korea Composite Stock Price Index <.KS11> finished 1.43 percent higher at 1,723.01 points, just 2 percent away from its earlier 2010 high of 1,757.76 points. "The rate hike came a bit earlier than expected, but investors took it as a sign the domestic economy was doing very solidly. Foreign investors' buying confirmed that positive view," said Kim June-kie, a market analyst at SK Securities. "Optimistic quarterly earnings expectations are helping market make further upward moves," Kim added. Financials bounced as the rate hike strengthened hopes banks may see higher net interest rate margins, analysts said. "Insurers will benefit as they can buy bonds more cheaply, while banks' net interest margin could be helped through levying higher interest rates on lending," said Shim Kyu-sun, an analyst at HI Investment & Securities. Shares in Hana Financial Group rose 5.5 percent and Woori Finance Holdings <053000.KS> gained 4.14 percent. Samsung Life Insurance <032830.KS> rose 1.43 percent and Korea Life <088350.KS> climbed 1.47 percent. Key blue chips also outperformed as expectations for the impending second quarter earnings season mounted. Shares in Samsung Electronics <005930.KS>, the world's No.1 memory chip maker, gained 2.71 percent and Hyundai Motor <005380.KS>, South Korea's No.1 automaker, rose 3.35 percent. Tour and airline issues also outperformed as the won <KRW=> extended gains after the rate hike news. A stronger won could help boost demand for overseas travel and reduce the costs of imported jet fuel. Shares in Korean Air Line <003490.KS> advanced 1.38 percent and major tour agency Hana Tour <039130.KQ> ended up 2.99 percent. CCTV maker Samsung Techwin <012450.KS> jumped 5.5 percent as it was widely expected to post strong quarterly figures. "Samsung Techwin's margins improvement has been definitely strong, but I think shares have been a bit overbought," said Chun Seong-hoon, an analyst at Eugene Investment & Securities, adding that shares were trading at about 25 times 2010 forecast earnings. Recommend Send IM Story Print Related Articles GLOBAL MARKETS-Asia shares up after US data;euro near 2-mth peak Reuters - 20 minutes ago Peugeot, Changan to sign China JV deal - source Reuters - 26 minutes ago Moody's assigns A3 rating to Li & Fung's USD bonds Reuters - 32 minutes ago Indonesia c.bank deputy: no need to change rates now Reuters - 32 minutes ago Car-finance firm plans bond issue in China -source Reuters - 34 minutes ago News Search Top Stories IMF raises global growth forecast Greece faces strike chaos as MPs reform pensions Germany's 'Octopus oracle' keeps perfect record Formal charges laid against alleged Russia spies White House touts US export success More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Germany's 'Octopus oracle' keeps perfect record IMF raises global growth forecast Hollywood star Lindsay Lohan jailed for 90 days German industry hit by sudden fall in orders Paris Hilton arrested after Brazil World Cup match: reports More Most Viewed » Reclusive top mathematician turns down prize, again Germany's 'Octopus oracle' keeps perfect record Aussie men shoot each other in buttocks 'to see if it hurts' Amputee cat gets bionic legs Fans gather for Michael Jackson death anniversary More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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