Kospi up as won strengthens for 4th day
Dealers monitor the won at Korea Exchange Bank in central Seoul, yesterday. [YONHAP]
Korean stocks closed 3.23 percent higher yesterday as investor sentiment was bolstered by an overseas buying spree and the local currency’s strength to the dollar, analysts said. The benchmark Kospi advanced 35.31 points to 1,127.51. Volume was moderate at 566.7 million shares worth 5.56 trillion won ($3.77 billion), with gainers outpacing losers 653 to 174.
“Sizable foreign buying and the won’s strength lifted investor sentiment,” said Lee Sun-yup at Goodmorning Shinhan Securities Co. “But it remains to be seen whether the Seoul bourse will continue its upswing due to lingering uncertainty about the depth of bad assets in the U.S. banking system.” Most shares traded in positive territory, led by financial and tech shares. KB Financial Group, the holding company of top
lender Kookmin Bank, jumped 7.33 percent, and its rival Shinhan Financial Group, which controls Shinhan Bank, gained 2.19 percent. Market leader and the world’s second-largest handset maker, Samsung Electronics, rose 4.17 percent to 525,000 won, and Hynix Semiconductor, the world’s second-largest computer memory-chip maker, advanced 0.98 percent. Korea Electric Power,the nation’s biggest electricity supplier, soared 8.02 percent, and Posco, the world’sNo. 4 steelmaker, gained 4.33 percent.
The local currency ended at 1,471 won to the greenback, up 40.5 won from yesterday’s close, as foreign investors increased their holdings of local stocks, dealers said.
The won rose as high as 1,465 won in value at one point in morning trading, and has gained 6.59 percent against the dollar.
The local currency appreciated for a fourth day, the longest run of gains since Dec. 30, after Citigroup Inc. said it booked a profit in January and February and was having its best quarter since 2007.
Yonhap, Bloomberg
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)