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South Korean stocks closed 0.58 percent higher on Friday as positive earnings reports and overnight gains on Wall Street helped alleviate persistent eurozone concerns, analysts said. The local currency rose against the U.S. dollar.
The benchmark KOSPI added 11.31 points to close at 1,975.35. Trading volume was moderate at 470 million shares worth 5.27 trillion won ($4.62 billion), with gainers outpacing losers 434 to 394.
“The downgrading of Spain’s long-term credit rating by two notches, which raised concerns over eurozone economies, had limited effect on the market,” said Kwak Joong-bo, an analyst at Samsung Securities Co.
He said record first-quarter earnings by technology giant Samsung Electronics bolstered the KOSPI and attracted investors.
Others such as Kang Hyun-cheol, a strategist for Woori Investment & Securities, said developments in Europe will likely raise stock volatility, but not enough to really affect overall trends in the local bourse.
Electronics and auto companies generally led the market along with the machinery industry, with chemicals and utilities losing ground.
Market bellwether Samsung Electronics added 2.54 percent to close at 1,374,000 won, with Kia Motors, South Korea’s second-largest carmaker, moving up 1.38 percent to 80,700 won on solid first-quarter earnings.
Hyundai Mobis, a leading auto parts maker, added 1.52 percent to 300,000, while top refiner SK Innovation moved up 0.93 percent to 163,500.
Samsung Life Insurance, the country’s largest insurer, gained 0.61 percent to 99,700 won.
Top automaker Hyundai Motor, however, lost 0.57 percent to 260,500 won, with shares of LG Chem, a leading manufacturer of rechargeable batteries, dropping 2.45 percent to 298,000 won.
POSCO, the country’s No. 1 steelmaker, fell 0.92 percent to 378,500 won, with Hyundai Heavy Industries, the world’s largest shipmaker, giving up 0.52 percent to 289,000 won.
State-run power monopoly Korea Electric Power Corp. surrendered 1.38 percent to 21,450 won.
The local currency finished at 1,135.2 won to the greenback, up 1 won from Thursday’s close, dealers said.
(Yonhap News)
The benchmark KOSPI added 11.31 points to close at 1,975.35. Trading volume was moderate at 470 million shares worth 5.27 trillion won ($4.62 billion), with gainers outpacing losers 434 to 394.
“The downgrading of Spain’s long-term credit rating by two notches, which raised concerns over eurozone economies, had limited effect on the market,” said Kwak Joong-bo, an analyst at Samsung Securities Co.
He said record first-quarter earnings by technology giant Samsung Electronics bolstered the KOSPI and attracted investors.
Others such as Kang Hyun-cheol, a strategist for Woori Investment & Securities, said developments in Europe will likely raise stock volatility, but not enough to really affect overall trends in the local bourse.
Electronics and auto companies generally led the market along with the machinery industry, with chemicals and utilities losing ground.
Market bellwether Samsung Electronics added 2.54 percent to close at 1,374,000 won, with Kia Motors, South Korea’s second-largest carmaker, moving up 1.38 percent to 80,700 won on solid first-quarter earnings.
Hyundai Mobis, a leading auto parts maker, added 1.52 percent to 300,000, while top refiner SK Innovation moved up 0.93 percent to 163,500.
Samsung Life Insurance, the country’s largest insurer, gained 0.61 percent to 99,700 won.
Top automaker Hyundai Motor, however, lost 0.57 percent to 260,500 won, with shares of LG Chem, a leading manufacturer of rechargeable batteries, dropping 2.45 percent to 298,000 won.
POSCO, the country’s No. 1 steelmaker, fell 0.92 percent to 378,500 won, with Hyundai Heavy Industries, the world’s largest shipmaker, giving up 0.52 percent to 289,000 won.
State-run power monopoly Korea Electric Power Corp. surrendered 1.38 percent to 21,450 won.
The local currency finished at 1,135.2 won to the greenback, up 1 won from Thursday’s close, dealers said.
(Yonhap News)
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Articles by Korea Herald
