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South Korean stocks closed 0.87 percent higher Wednesday due to the improved economic outlook for the United States and the eurozone, analysts said. The local currency gained against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 16.68 points to finish at 1,935.31. Trading volume was moderate at 334.7 million shares worth 4.3 trillion won (US$3.9 billion) with gainers outnumbering decliners 626 to 195.
"The local stock market gathered ground due to the overnight gains on Wall Street following reports the U.S. housing market has fared well amid the economic slowdown," said Kim Sun-young, an analyst at IBK Investment & Securities Co.
"Market expectations that the European Central Bank may come up with stimulus measures, including a rate cut, next month also added to investors' sentiment."
Foreigners sold more shares than they bought at 23 billion won, extending their selling streak to nine sessions. Retail investors offloaded a net 139.9 billion won, while institutions bought more than they sold.
Top flat panel manufacturer LG Display, which supplies display parts to Apple, advanced 0.33 percent to 30,200 won on reports that the U.S. smartphone maker fared well in the first quarter.
Dongbu Insurance added 1.45 percent to 45,350 won following the local bourse operator's decision to include the insurer into the KOSPI 200, which refers to a basket of 200 blue chip shares listed on the main Seoul bourse.
Carmakers also gathered ground, with Hyundai Motor rising 0.54 percent to 185,000 won and Kia Motors moving up 1.51 percent to 50,300 won.
In contrast, mobile carriers traded lower, with SK Telecom falling 0.26 percent to 189,500 won and No. 2 industry player KT moving down 0.69 percent to 36,200 won. The smallest player LG Uplus shed 0.11 percent to 9,400 won.
The local currency ended at 1,117.70 won against the greenback, up 3.10 won from Tuesday's close, as investors sought after riskier assets due to gains on Wall Street, dealers said.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasuries advanced 0.01 percentage point to 2.61 percent and the return on the benchmark five-year government bonds also added 0.01 percentage point to 2.68 percent. (Yonhap News)
