Stock Trading and Other Things

Apple results send local IT shares higher

Summary: Korean stocks closed 1 72 percent higher yesterday as bullish earnings at home and abroad spurred overseas buying analysts said The local currency rose sharply against the U S dollar The benchmark Kospi advanced 29 55 points to end at 1 747 58 Trading volume was heavy at 526 1 million shares worth 6 trillion won $5 4 billion with gainers outpacing losers 528 to 269 Local IT companies who are the main drivers of Korean exports and hold considerable market weight led the bullish trading following stellar first quarter results by their U S peers Foreign investors turned to heavy buyers as they look past Goldman Sachs jitters and European volcanic concerns said Kim Joon won an analyst at HMC Securities The IT sector gained most on the back of Apple s powerful performance Apple U S maker of the best selling iPhone announced on Tuesday a 90 percent rise in its first quarter profit due to bullish phone sales Local firms that supply components for the iconic wireless phone showed upward momentum with Samsung Electronics a huge memory chip maker advancing 2 9 percent to end at 852 000 won LG Display which equips iPhone with liquid crystal displays jumped 3 92 percent to end at 43 750 won Hynix the semiconductor giant also surged 5 74 percent to 28 500 won LG Chem Korea s top chemical company shot up 5 51 percent to 258 500 won after reporting that its January March earnings expanded 73 percent a day earlier The local currency ended at 1 107 80 won to the greenback up 10 10 won from Tuesday s close Yonhap Copyrights ? JoongangIlbo Joins com All rights reserved Korean stocks closed 1 72 percent higher yesterday as bullish earnings at home and abroad spurred overseas buying analysts said The local currency rose sharply against the U S dollar The benchmark Kospi advanced 29 55 points to end at 1 747 58 Trading volume was heavy at 526 1 million shares worth 6 trillion won $5 4 billion with gainers outpacing losers 528 to 269 Local IT companies who are the main drivers of Korean exports and hold considerable market weight led the bullish trading following stellar first quarter results by their U S peers Foreign investors turned to heavy buyers as they look past Goldman Sachs jitters and European volcanic concerns said Kim Joon won an analyst at HMC Securities The IT sector gained most on the back of Apple s powerful performance Apple U S maker of the best selling iPhone announced on Tuesday a 90 percent rise in its first quarter profit due to bullish phone sales Local firms that supply components for the iconic wireless phone showed upward momentum with Samsung Electronics a huge memory chip maker advancing 2 9 percent to end at 852 000 won LG Display which equips iPhone with liquid crystal displays jumped 3 92 percent to end at 43 750 won Hynix the semiconductor giant also surged 5 74 percent to 28 500 won LG Chem Korea s top chemical company shot up 5 51 percent to 258 500 won after reporting that its January March earnings expanded 73 percent a day earlier The local currency ended at 1 107 80 won to the greenback up 10 10 won from Tuesday s close Yonhap Copyrights ? JoongangIlbo Joins com All rights reserved

Image Dimensions: 500 x 331