Strength in China lifts the stock market

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Strength in China lifts the stock market

Korean shares recovered to the 1,950 mark thanks to China’s better-than-expected fourth-quarter gross domestic product index, boosting local industries that do business there.

The benchmark Kospi was up 0.48 percent to close at 1,953.78.

Korean producer prices fell 0.4 percent in December, central bank figures showed yesterday.

Samsung Electronics climbed 1.86 percent to 1.316 million won ($1,237). LG Electronics was up 0.73 percent to 68,900 won, while SK Hynix increased 2.36 percent to 36,850 won.

Hyundai Motor and Kia Motors each climbed 1.09 percent to 231,000 won and 0.6 percent to 50,600 won. Hyundai Mobis, their auto parts arm, was up 1.23 percent to 287,000 won.

Heavy industries and shippers also benefited from the rise. Hyundai Heavy Industries increased 1.09 percent to 232,500 won. Hyundai Mipo Shipbuilding increased 1.67 percent to 182,500 won. Hyundai Merchant Marine, the nation’s second-largest shipper, was up 2.06 percent to 12,400 won, while Korea Line Corporation inched up 0.96 percent to 26,250 won.

Ssangyong Motor advanced 1.38 percent to close at 8,060 won thanks to the Mahindra Group. The largest shareholder of the automaker will invest 1 trillion won, said the Indian conglomerate’s Chairman Anand Mahindra at a meeting with President Park Geun-hye last Friday.

Due to the avian influenza (AI) in chickens and ducks, seafood emerged as an alternative and related shares soared. Dongwon Fisheries jumped 14.71 percent to close at 13,650 won, while Hansung Enterprise soared 14.95 percent to 7,380 won and Sajo Oyang 14.92 percent to 9,860 won.

The won fell 0.4 percent to 1,063.60 per dollar at the close in Seoul, the biggest loss since Jan. 6. The currency earlier weakened as much as 0.6 percent to 1,065.57. One-month implied volatility, a gauge of expected moves in the exchange rate used to price options, rose nine basis points to 6.23 percent.

The yield on the 3 percent notes due December 2016 rose one basis point, or 0.01 percentage point, to 2.90 percent, according to Korea Exchange prices.


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