South Korean stocks finished 0.81 percent higher Wednesday as investors snapped up shares of brokerages and oil refiners, brushing off concerns over U.S. corporate earnings, analysts said. The local currency fell against the U.S. dollar.

The benchmark KOSPI added 14.48 points to close at 1,809.5, extending a winning streak to a fifth session. Trading volume was moderate at 347 million shares worth 5.61 trillion won ($4.77 billion) with gainers leading losers 503 to 321.

“There was some upbeat news from Greece,” said Lee Young-won, an analyst at HMC Investment Securities Co. “The troika (of International Monetary Fund, European Central Bank and the European Commission) released a statement that it will give bailout money to Greece.”

The KOSPI started lower in early morning, as weaker-than-expected earnings from Alcoa hurt investor sentiment.

But it wiped out losses as brokerages and oil refiners widened gains.

Mirae Asset Securities shot up 9.97 percent to 32,000 won after its vice chairman said that the company is reviewing capital reduction. Woori Investment & Securities also jumped 5.91 percent to 12,550 won.

Oil refiners gained ground mirroring a rise in global crude oil prices. Leading refiner SK Innovation rose 2.06 percent to 148,500 won and S-Oil jumped 1.96 percent to 104,000 won.

Tech firms closed mixed. LG Display, the world’s second-largest maker of liquid crystal display panels, surged 5.4 percent to 22,450 won on expectations that its earnings hit the bottom. But its affiliate LG Electronics closed down 0.68 percent at 73,500 won.

The local currency closed at 1,166.7 won to the greenback, down 2.2 won from Tuesday’s close, as weak U.S. corporate earnings raised demand for safe assets, dealers said. 

(Yonhap News)