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South Korean stocks climbed 1.05 percent on Tuesday as key automakers rebounded from sharp falls spurred by a fuel efficiency scandal in the U.S., analysts said.
The local currency gained against the U.S. dollar.
The benchmark Korea Composite Stock Price Index soared19.95 points to 1,928.17. Trading volume was moderate at 539.6 million shares worth 4.5 trillion won ($4.1 billion), with gainers outnumbering decliners 493 to 334.
“We saw excessive sell-offs of Hyundai and Kia shares in the previous session. Their recovery lifted the KOSPI as they together hold quite a big market cap,” said Kim Young-jun, an analyst at SK Securities Co.
As of Tuesday, Hyundai Motor was the second biggest company by market cap, while Kia Motors ranked fifth.
“Meanwhile, the local bourse remained relatively unscathed compared with other Asian bourses ahead of the U.S. presidential election. It seems that investors factored in the KOSPI’s previously deeper losses compared with its regional counterparts,” said Kim.
Autos fueled the KOSPI rise with Hyundai Motor surging 4.26 percent to 208,000 won and Kia Motors rising 1.6 percent to 57,200 won. Other affiliates of the automotive group also closed higher, with Hyundai Mobis gaining 3.28 percent to 268,000 won.
Techs closed mixed. Market bellwether Samsung Electronics added 0.6 percent to 1,349,000 won, but chip giant SK hynix slipped 0.96 percent to 25,900 won.
SK Telecom rose 0.32 percent to 156,000 won despite reporting downbeat third-quarter earnings. The company said its quarterly bottom line more than halved from the previous year due to costs related with long-term evolution services.
Asiana Airlines, the country’s No. 2 flag carrier, also finished 3.23 percent higher at 6,390 won after swinging to a profit in the third quarter due to favorable foreign exchange rates. (Yonhap News)
The local currency gained against the U.S. dollar.
The benchmark Korea Composite Stock Price Index soared19.95 points to 1,928.17. Trading volume was moderate at 539.6 million shares worth 4.5 trillion won ($4.1 billion), with gainers outnumbering decliners 493 to 334.
“We saw excessive sell-offs of Hyundai and Kia shares in the previous session. Their recovery lifted the KOSPI as they together hold quite a big market cap,” said Kim Young-jun, an analyst at SK Securities Co.
As of Tuesday, Hyundai Motor was the second biggest company by market cap, while Kia Motors ranked fifth.
“Meanwhile, the local bourse remained relatively unscathed compared with other Asian bourses ahead of the U.S. presidential election. It seems that investors factored in the KOSPI’s previously deeper losses compared with its regional counterparts,” said Kim.
Autos fueled the KOSPI rise with Hyundai Motor surging 4.26 percent to 208,000 won and Kia Motors rising 1.6 percent to 57,200 won. Other affiliates of the automotive group also closed higher, with Hyundai Mobis gaining 3.28 percent to 268,000 won.
Techs closed mixed. Market bellwether Samsung Electronics added 0.6 percent to 1,349,000 won, but chip giant SK hynix slipped 0.96 percent to 25,900 won.
SK Telecom rose 0.32 percent to 156,000 won despite reporting downbeat third-quarter earnings. The company said its quarterly bottom line more than halved from the previous year due to costs related with long-term evolution services.
Asiana Airlines, the country’s No. 2 flag carrier, also finished 3.23 percent higher at 6,390 won after swinging to a profit in the third quarter due to favorable foreign exchange rates. (Yonhap News)
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Articles by Korea Herald
