InfoAnda - Seoul shares pare gains after Obama victory

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Seoul shares pare gains after Obama victory Reuters - 2 hours 28 minutes ago By Park Jung-youn SEOUL, Nov 5 - Seoul shares pared earlier 5 percent gains to trade 1.8 percent higher on Wednesday afternoon, after Barack Obama's victory in the U.S. presidential election as investors looked ahead to Korean/U.S. trade issues under Obama. The Korea Composite Stock Price Index <.KS11> was up 1.8 percent at 1,174.84 points as of 0511 GMT, down from an earlier 5 percent rise to the session high of 1,217.82 points. But the index is still up 23.4 percent from the Oct. 27 low of 892.16 points and on course for a fifth straight closing gain after October's traumatic losses. "Bubbly hopes and expectations over the new administration more or less faded as the session wore on, as investors became more keen to see what Obama's presidency would mean to South Korea, particularly in terms of trading relations," said Lee Kyung-su, a market analyst at Taurus Investment & Securities. "There are worries that the Free Trade Agreement with the U.S. may be scrapped altogether, which will deal a blow to exporters, auto makers in particular," Lee added. Foreign investors were net buyers of 46.2 billion won ($36.64 million) and retail investors were sellers of a net 103.5 billion won. Samsung Electronics <066570.KS> was down 1.36 percent and Hyundai Motor was up 0.18 percent at 55,300 down from an earlier high of 58,700 won. But banks continued to trade higher, heading for a third consecutive gaining session with KB Financial Group <105560.KS>, holding company of South Korea's largest lender Kookmin Bank, up 0.56 percent and Shinhan Financial Group <055550.KS>, a top financial holding company, up 1.36 percent. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business JGBs fall on jump in stocks, weak 10-year auctionReuters - 46 minutes ago Israel's MA Industries Q3 net profit risesReuters - 48 minutes ago Japan's Aso: Must support dollar as key currencyReuters - 48 minutes ago Asian stock markets rise as US elects ObamaAP - 50 minutes ago India cbank sets underwriting commitment for auctionsReuters - 50 minutes ago Most Popular – Business Viewed Obama wins US election, to become first black president Americans flock to vote in historic elections Foods to prevent disease? Obama's grandmother, family 'rock', dies on election eve DNA tests confirm death of millionaire flyer Steve Fossett View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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