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South Korean stocks added 0.35 percent Friday as investors sought after undervalued shares after the market's sharp decline in the previous trading session, analysts said. The local currency gained against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 6.51 points to close at 1,889.24. Trading volume was low at 275.8 million shares worth 3.44 trillion won (US$3.05 billion) with losers outpacing gainers 412 to 378.
On Thursday, the index fell below the 1,900-point mark for the first time since Nov. 22, 2012 to close at 1,882.73.
"The local stock market gathered ground as investors purchased undervalued shares," said Lim Soo-kyun, a researcher at Samsung Securities Co. "The overnight gain on Wall Street also added to investors' sentiment."
U.S. stocks closed higher Thursday due to the country's improved jobs and retail sales data, with the Dow Jones industrial average rising 1.21 percent and tech-laden NASDAQ composite index adding 1.32 percent.
"However, the increase was limited as investors also took a wait-and-see approach on the U.S. Federal Open Market Committee meeting slated for next week, which may add to the market's volatility," Lim added.
Cho Byung-hyun, an analyst at Tong Yang Securities Co., echoed the view, adding shares listed on the Asian stock markets are losing ground on concerns the U.S. Federal Reserve may reduce its quantitative easing.
Foreigners offloaded 374.4 billion won worth of local equities, marking the sixth straight session of a selling spree. Retail investors sold a net 9.4 billion won, while institutional investors scooped up a net 337.6 billion won.
Market behemoth Samsung Electronics gained 0.88 percent to 1,369,000 won, after falling for six consecutive trading sessions.
Builders also traded higher, with Daelim Industrial adding 1.75 percent to 93,200 won and Hyundai Engineering & Construction moving up 1.18 percent to 60,200 won.
Logistics firms traded bullish, with Hyundai Glovis adding 1.1 percent to 184,500 won and Hyundai Merchant Marine advancing 1.18 percent to 12,850 won. Top air carrier Korean Air gained 1.09 percent to 32,600 won.
In contrast, carmakers traded lower, with No. 1 industry player Hyundai Motor losing 0.51 percent to 197,000 won and top auto parts maker Hyundai Mobis falling 0.38 percent to 259,000 won.
Mobile carriers also closed bearish, with SK Telecom falling 2.77 percent to 210,500 won and LG Uplus, the smallest player, decreasing 3.1 percent to 12,500 won.
The local currency ended at 1,126.50 won against the greenback, up 7.90 won from Thursday's close, tracking the depreciation of the U.S. dollar in the global market, dealers said.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasuries shed 0.06 percentage point to 2.76 percent, and the return on the benchmark five-year government bonds moved down 0.07 percentage point to 2.96 percent. (Yonhap News)
The benchmark Korea Composite Stock Price Index (KOSPI) added 6.51 points to close at 1,889.24. Trading volume was low at 275.8 million shares worth 3.44 trillion won (US$3.05 billion) with losers outpacing gainers 412 to 378.
On Thursday, the index fell below the 1,900-point mark for the first time since Nov. 22, 2012 to close at 1,882.73.
"The local stock market gathered ground as investors purchased undervalued shares," said Lim Soo-kyun, a researcher at Samsung Securities Co. "The overnight gain on Wall Street also added to investors' sentiment."
U.S. stocks closed higher Thursday due to the country's improved jobs and retail sales data, with the Dow Jones industrial average rising 1.21 percent and tech-laden NASDAQ composite index adding 1.32 percent.
"However, the increase was limited as investors also took a wait-and-see approach on the U.S. Federal Open Market Committee meeting slated for next week, which may add to the market's volatility," Lim added.
Cho Byung-hyun, an analyst at Tong Yang Securities Co., echoed the view, adding shares listed on the Asian stock markets are losing ground on concerns the U.S. Federal Reserve may reduce its quantitative easing.
Foreigners offloaded 374.4 billion won worth of local equities, marking the sixth straight session of a selling spree. Retail investors sold a net 9.4 billion won, while institutional investors scooped up a net 337.6 billion won.
Market behemoth Samsung Electronics gained 0.88 percent to 1,369,000 won, after falling for six consecutive trading sessions.
Builders also traded higher, with Daelim Industrial adding 1.75 percent to 93,200 won and Hyundai Engineering & Construction moving up 1.18 percent to 60,200 won.
Logistics firms traded bullish, with Hyundai Glovis adding 1.1 percent to 184,500 won and Hyundai Merchant Marine advancing 1.18 percent to 12,850 won. Top air carrier Korean Air gained 1.09 percent to 32,600 won.
In contrast, carmakers traded lower, with No. 1 industry player Hyundai Motor losing 0.51 percent to 197,000 won and top auto parts maker Hyundai Mobis falling 0.38 percent to 259,000 won.
Mobile carriers also closed bearish, with SK Telecom falling 2.77 percent to 210,500 won and LG Uplus, the smallest player, decreasing 3.1 percent to 12,500 won.
The local currency ended at 1,126.50 won against the greenback, up 7.90 won from Thursday's close, tracking the depreciation of the U.S. dollar in the global market, dealers said.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasuries shed 0.06 percentage point to 2.76 percent, and the return on the benchmark five-year government bonds moved down 0.07 percentage point to 2.96 percent. (Yonhap News)
