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Korean stocks rallied 1.38 percent on Thursday as a sharp upturn in crude oil prices lifted investor sentiment, analysts said. The local currency rose sharply against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 26.04 points to end at 1,916.71. Trade volume was moderate at 358.8 million shares worth 5.13 trillion won (US$4.27 billion), with winners outpacing losers 561 to 249.
The U.S. dollar tumbled on Wednesday after comments from a Federal Reserve official and disappointing services data suggested a slowing pace of rate hikes, sending oil prices to jump 8 percent.
"Foreigners and institutions snapped up shares that were expected to benefit from a resurgence in oil prices," said Kwak Hyun-soo, a researcher at Shinhan Investment & Securities. "Market heavyweights in the chemical and construction sectors recouped earlier losses."
Refiners rallied on hopes for rising oil prices after Russia's foreign minister on Wednesday reignited hopes of a deal among oil producers to cut output.
Top refiner SK Innovation skyrocketed 10.27 percent to 145,000 won, and No. 3 S-Oil gained 5.33 percent to 83,000 won.
Steelmakers also advanced after China's central bank stepped up efforts to ease a cash shortage ahead of the Lunar New Year holiday.
Leading steelmaker POSCO rose 3.47 percent to 179,000 won, and Hyundai Steel, a steelmaking unit under the Hyundai Motor Group, soared 7.57 percent to 49,000 won.
Retailers slumped after investors tried to lock in recent gains.
GS Retail, the retail unit of the GS Group, tumbled 13.8 percent to 53,700 won after reporting worse-than-expected fourth-quarter earnings due to sluggish supermarket sales and a poor showing by the real estate rental business.
BGF Retail, which operates the nation's biggest convenience store chain, plummeted 20.09 percent to 175,000 won.
The local currency ended at 1,202.1 won against the greenback, up 17.2 won from Wednesday's close and the biggest intraday gain since August.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys shed 0.2 basis point to 1.494 percent while the return on the benchmark five-year government bonds decreased 0.2 basis point to 1.608 percent. (Yonhap)
