South Korean stocks closed 2.57 percent higher on Friday as investors cheered the European Central Bank’s bond-buying program amid a recent lack of upward momentum, analysts said. The local currency climbed against the U.S. dollar.

The benchmark Korea Composite Stock Price Index soared 48.34 points to 1,929.58. Trading volume was heavy at 581.4 million shares worth 5.8 trillion won ($5.1 billion), with gainers far outnumbering decliners 607 to 197.

“There had been wide-spread anxiety over uncertainties in the eurozone situation. The ECB’s bond plan gave a significant boost to investor confidence,” said Lim Dong-lak, an analyst at Hanyang Securities Co.

“While the upward strength is likely to continue for the time being, it may not be as strong as the one seen today if uncertainties resurface,” said Lim. (Yonhap News)