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South Korean stocks closed 0.75 percent higher on Thursday as foreigners snapped up shares on growing hopes the eurozone will succeed in tackling its debt debacle, analysts said. The local currency gained against the U.S. dollar.
The benchmark KOSPI climbed 13.6 points to 1,823.1. Trading volume was heavy at 425.4 million shares worth 6.5 trillion won ($5.7 billion), with gainers outnumbering losers 600 to 247. “Eurozone issues seem to be getting resolved gradually.
Overall, the recent developments have helped rekindle dim investor sentiment,” said Han Chi-hwan, an analyst at Daewoo Securities Co.
Han, however, said the KOSPI may soon take a breather after trending higher for the sixth straight session.
Shares gathered ground across the board, with automakers and auto parts makers leading the climb on speculation a trade pact between South Korea and the United States will benefit the industry.
Top automaker Hyundai Motor rose 2.17 percent to 212,000 won and auto-parts manufacturer Mando gained 1.03 percent to 197,000 won.
Financials were also bullish, with No. 3 banking group Shinhan Financial Group gaining 2.86 percent to 45,000 won. Hana Financial Group, the country’s fourth-largest banking group, surged 7.03 percent to 38,800 won after U.S. buyout Lone Star Funds decided not to lodge an appeal against a recent court ruling that found it guilty of stock manipulation.
The move is expected to pave the way for Hana Financial’s stalled acquisition of No. 5 lender Korea Exchange Bank. KEB jumped 4.35 percent to 7,920 won.
Air carriers posted firm gains, with industry leader Korean Air soaring 10.61 percent to 49,000 won and No. 2 player Asiana Airlines rising 9.71 percent to 8,360 won.
“A strengthening Korean won and lower oil costs gave a boost to shares of airlines that had tumbled amid the European debt crisis.
The FTA also raised hopes they would benefit from increased shipments,” said Choi Won-yeol, an analyst at KB Investment & Securities Co.
In contrast, techs ended in negative territory. Market bellwether Samsung Electronics slipped 0.89 percent to 890,000 won following a six-session climb and No. 2 chipmaker Hynix Semiconductor slumped 3.1 percent to 21,850 won.
The local currency ended at 1,155.9 won against the greenback, up 10.8 won from Wednesday’s close on the back of foreign stock buying and waning eurozone worries, dealers said.
(Yonhap News)
The benchmark KOSPI climbed 13.6 points to 1,823.1. Trading volume was heavy at 425.4 million shares worth 6.5 trillion won ($5.7 billion), with gainers outnumbering losers 600 to 247. “Eurozone issues seem to be getting resolved gradually.
Overall, the recent developments have helped rekindle dim investor sentiment,” said Han Chi-hwan, an analyst at Daewoo Securities Co.
Han, however, said the KOSPI may soon take a breather after trending higher for the sixth straight session.
Shares gathered ground across the board, with automakers and auto parts makers leading the climb on speculation a trade pact between South Korea and the United States will benefit the industry.
Top automaker Hyundai Motor rose 2.17 percent to 212,000 won and auto-parts manufacturer Mando gained 1.03 percent to 197,000 won.
Financials were also bullish, with No. 3 banking group Shinhan Financial Group gaining 2.86 percent to 45,000 won. Hana Financial Group, the country’s fourth-largest banking group, surged 7.03 percent to 38,800 won after U.S. buyout Lone Star Funds decided not to lodge an appeal against a recent court ruling that found it guilty of stock manipulation.
The move is expected to pave the way for Hana Financial’s stalled acquisition of No. 5 lender Korea Exchange Bank. KEB jumped 4.35 percent to 7,920 won.
Air carriers posted firm gains, with industry leader Korean Air soaring 10.61 percent to 49,000 won and No. 2 player Asiana Airlines rising 9.71 percent to 8,360 won.
“A strengthening Korean won and lower oil costs gave a boost to shares of airlines that had tumbled amid the European debt crisis.
The FTA also raised hopes they would benefit from increased shipments,” said Choi Won-yeol, an analyst at KB Investment & Securities Co.
In contrast, techs ended in negative territory. Market bellwether Samsung Electronics slipped 0.89 percent to 890,000 won following a six-session climb and No. 2 chipmaker Hynix Semiconductor slumped 3.1 percent to 21,850 won.
The local currency ended at 1,155.9 won against the greenback, up 10.8 won from Wednesday’s close on the back of foreign stock buying and waning eurozone worries, dealers said.
(Yonhap News)
