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South Korean stocks gained 0.94 percent Thursday, as investor sentiment was boosted by news from Greece that the debt-laden country is close to making the debt swap deal with private creditors to avert a default, analysts said. The local currency rose against the U.S. dollar.
The benchmark KOSPI advanced 18.61 points to close at 2,000.76, snapping its three-day losing streak. Trading volume was moderate at 449.6 million shares worth 6.24 trillion won ($5.57 billion) with gainers outstripping losers 497 to 323.
“Greece is expected to make its way quite smoothly toward restructuring its debts unless something fatal happens, which is an unlikely scenario for now,” said Lee Seung-woo, an analyst at Daewoo Securities Co.
The troubled European nation is reported to have gained consent from more than 60 percent of the private creditors on the debt swap plan. It needs at least 66 percent to take a forced action on the rest of creditors to compel them to write down their debts.
The U.S. Federal Reserve’s announcement that it is mulling a new form of monetary easing aimed to spur growth as well as capping inflation also pushed up the KOSPI.
“It’s too early to comment on the effects of the Fed’s move because the scheme offers to grasp two things at the same time.
We’ll need to keep an eye on the details,” added Lee.
Most shares drifted in positive territory, with construction firms and banks leading the rise. Top builder Hyundai Engineering & Construction climbed 2.67 percent to 84,500 won and its rival GS Engineering & Construction rose 2 percent to 102,000 won.
Banks, brokerages and financial firms gained momentum, tracking U.S. peers overnight. No. 4 lender Hana Financial Group jumped 3.83 percent to 40,650, after it said it will spend another 200 billion won to buy additional stake in Korea Exchange Bank, South Korea’s fifth-largest lender, which Hana Financial has acquired from U.S. buyout firm Lone Star Fund.
Large tech firms also finished bullish, with market behemoth Samsung Electronics rising 0.68 percent to 1,180,000 and electronic parts maker LG Innotek spiking 6.91 percent to 90,700 won.
The local currency ended at 1,118.30 won against the greenback, up 6.5 won from Wednesday’s close, thanks to the KOSPI’s gains, dealers said.
(Yonhap News)
The benchmark KOSPI advanced 18.61 points to close at 2,000.76, snapping its three-day losing streak. Trading volume was moderate at 449.6 million shares worth 6.24 trillion won ($5.57 billion) with gainers outstripping losers 497 to 323.
“Greece is expected to make its way quite smoothly toward restructuring its debts unless something fatal happens, which is an unlikely scenario for now,” said Lee Seung-woo, an analyst at Daewoo Securities Co.
The troubled European nation is reported to have gained consent from more than 60 percent of the private creditors on the debt swap plan. It needs at least 66 percent to take a forced action on the rest of creditors to compel them to write down their debts.
The U.S. Federal Reserve’s announcement that it is mulling a new form of monetary easing aimed to spur growth as well as capping inflation also pushed up the KOSPI.
“It’s too early to comment on the effects of the Fed’s move because the scheme offers to grasp two things at the same time.
We’ll need to keep an eye on the details,” added Lee.
Most shares drifted in positive territory, with construction firms and banks leading the rise. Top builder Hyundai Engineering & Construction climbed 2.67 percent to 84,500 won and its rival GS Engineering & Construction rose 2 percent to 102,000 won.
Banks, brokerages and financial firms gained momentum, tracking U.S. peers overnight. No. 4 lender Hana Financial Group jumped 3.83 percent to 40,650, after it said it will spend another 200 billion won to buy additional stake in Korea Exchange Bank, South Korea’s fifth-largest lender, which Hana Financial has acquired from U.S. buyout firm Lone Star Fund.
Large tech firms also finished bullish, with market behemoth Samsung Electronics rising 0.68 percent to 1,180,000 and electronic parts maker LG Innotek spiking 6.91 percent to 90,700 won.
The local currency ended at 1,118.30 won against the greenback, up 6.5 won from Wednesday’s close, thanks to the KOSPI’s gains, dealers said.
(Yonhap News)
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Articles by Korea Herald
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