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South Korean stocks slightly rebounded from their 16-month low on Wednesday, aided by gains in autos, utility and tech shares as investors saw recent sell-offs on the local bourse as excessive, analysts said. The South Korean won fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.38 points, or 0.07 percent, to 1,883.83, snapping a seven day loss. Trading volume was moderate at 277 million shares worth 3.69 trillion won (US$3.36 billion), with losers beating gainers 482 to 326.
The local stock market fell by almost 2 percent on Tuesday, as investors remained concerned about a continued slump in oil prices and political instability in Greece.
"Investors opted to buy oversold shares, but a further decline in oil prices and lingering woes over Greece would continue to sap investor sentiment," said Kim Jung-hyun, an analyst at IBK Investment & Securities.
Top market cap Samsung Electronics rose 0.93 percent to close at 1,307,000 won ahead of its fourth-quarter earnings estimate due out later this week.
G Display, a major flat screen maker, advanced 2.53 percent to end at 34,400 won on an upbeat earnings forecast.
Automakers remained in positive terrain with industry leader Hyundai Motor surging 3.34 percent to end at 170,000 won, and its smaller affiliate Kia Motors rising 1.17 percent to end at 51,800 won. Their parent Hyundai Motor Group announced on Tuesday it would invest 81 trillion won by 2018 to raise its competitiveness.
Utility shares also rose with the state-run Korea Electric Power Corp. jumping 3.11 percent to end at 43,150 won.
In contrast, Naver, the operator of the country's leading Internet portal, dropped 1.48 percent to finish at 73,200 won.
Korean Air shed 4.71 percent to 43,500 won after announcing its plan to sell 500 billion won worth of new shares to beef up its financial status.
Bank shares also finished lower with Shinhan Financial Group, the No.1 banking group by market cap, losing 2.41 percent at 42,500 won and Industrial Bank of Korea down 1.47 percent to end at 13,400 won.
The local currency ended at 1,099.90 won against the U.S.
dollar, down 1.10 won from Tuesday's close.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 0.4 basis point to 2.075 percent, and the return on the benchmark five-year government bonds shed 0.2 basis point to 2.232 percent. (Yonhap)
The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.38 points, or 0.07 percent, to 1,883.83, snapping a seven day loss. Trading volume was moderate at 277 million shares worth 3.69 trillion won (US$3.36 billion), with losers beating gainers 482 to 326.
The local stock market fell by almost 2 percent on Tuesday, as investors remained concerned about a continued slump in oil prices and political instability in Greece.
"Investors opted to buy oversold shares, but a further decline in oil prices and lingering woes over Greece would continue to sap investor sentiment," said Kim Jung-hyun, an analyst at IBK Investment & Securities.
Top market cap Samsung Electronics rose 0.93 percent to close at 1,307,000 won ahead of its fourth-quarter earnings estimate due out later this week.
G Display, a major flat screen maker, advanced 2.53 percent to end at 34,400 won on an upbeat earnings forecast.
Automakers remained in positive terrain with industry leader Hyundai Motor surging 3.34 percent to end at 170,000 won, and its smaller affiliate Kia Motors rising 1.17 percent to end at 51,800 won. Their parent Hyundai Motor Group announced on Tuesday it would invest 81 trillion won by 2018 to raise its competitiveness.
Utility shares also rose with the state-run Korea Electric Power Corp. jumping 3.11 percent to end at 43,150 won.
In contrast, Naver, the operator of the country's leading Internet portal, dropped 1.48 percent to finish at 73,200 won.
Korean Air shed 4.71 percent to 43,500 won after announcing its plan to sell 500 billion won worth of new shares to beef up its financial status.
Bank shares also finished lower with Shinhan Financial Group, the No.1 banking group by market cap, losing 2.41 percent at 42,500 won and Industrial Bank of Korea down 1.47 percent to end at 13,400 won.
The local currency ended at 1,099.90 won against the U.S.
dollar, down 1.10 won from Tuesday's close.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 0.4 basis point to 2.075 percent, and the return on the benchmark five-year government bonds shed 0.2 basis point to 2.232 percent. (Yonhap)
