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South Korean stocks closed 0.75 percent higher Thursday as upbeat Chinese trade data offset uncertainties over bleak quarterly corporate earnings, analysts said. The local currency strengthened against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 14.99 points to finish at 2,006.80. Trading volume was moderate at 494.5 million shares worth 4.47 trillion won (US$4.21billion) with gainers outnumbering decliners 470 to 307.
“China‘s trade data gave investors a sense of relief, making the KOSPI widen its gains toward the closing,” said Lee Kyung-min, an analyst at Woori Investment & Securities Co.
China saw its exports gain 14.1 percent on-year in December, far outdoing the estimate of 5 percent. Its imports rose 6 percent over the same period, also higher than the market consensus of 3.5 percent.
After moving in a tight range in early trading, the local bourse extended gains led by utilities and tech blue-chips.
State-run electricity provider Korea Electric Power Corp. jumped 3.63 percent to 32,800 won on the government’s plan to raise the electricity fees by 4 percent. Korea Gas Corp. spiked 5.17 percent to 79,400 won.
Tech heavyweight Samsung Electronics snapped a 4-day losing streak to gain 2 percent to 1,530,000 won, following its record quarterly earnings guidance unveiled on Wednesday.
Auto shares finished bullish, with industry leader Hyundai Motor climbing 0.92 percent to 209,500 won. Smallest industry player Ssangyong Motor, jumped by the daily limit of 15 percent to 5,900 won after Mahindra & Mahindra, its largest shareholder, announced a $900 million investment plan.
In contrast, financial firms and insurers closed bearish. Woori Finance Holdings fell 0.86 percent to 11,550 won and Samsung Life Insurance shed 0.21 percent to 97,300 won.
The local currency ended at 1,060.40 won against the greenback, up 1.3 won from Wednesday‘s close, largely due to KOSPI’s gain, dealers said.
Bond prices, which move inversely to yields, closed sharply higher. The yield on three-year Treasuries fell 0.05 percentage point to 2.70 percent and the return on the benchmark five-year government bonds also slid 0.05 percentage point to 2.82 percent. (Yonhap)
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 14.99 points to finish at 2,006.80. Trading volume was moderate at 494.5 million shares worth 4.47 trillion won (US$4.21billion) with gainers outnumbering decliners 470 to 307.
“China‘s trade data gave investors a sense of relief, making the KOSPI widen its gains toward the closing,” said Lee Kyung-min, an analyst at Woori Investment & Securities Co.
China saw its exports gain 14.1 percent on-year in December, far outdoing the estimate of 5 percent. Its imports rose 6 percent over the same period, also higher than the market consensus of 3.5 percent.
After moving in a tight range in early trading, the local bourse extended gains led by utilities and tech blue-chips.
State-run electricity provider Korea Electric Power Corp. jumped 3.63 percent to 32,800 won on the government’s plan to raise the electricity fees by 4 percent. Korea Gas Corp. spiked 5.17 percent to 79,400 won.
Tech heavyweight Samsung Electronics snapped a 4-day losing streak to gain 2 percent to 1,530,000 won, following its record quarterly earnings guidance unveiled on Wednesday.
Auto shares finished bullish, with industry leader Hyundai Motor climbing 0.92 percent to 209,500 won. Smallest industry player Ssangyong Motor, jumped by the daily limit of 15 percent to 5,900 won after Mahindra & Mahindra, its largest shareholder, announced a $900 million investment plan.
In contrast, financial firms and insurers closed bearish. Woori Finance Holdings fell 0.86 percent to 11,550 won and Samsung Life Insurance shed 0.21 percent to 97,300 won.
The local currency ended at 1,060.40 won against the greenback, up 1.3 won from Wednesday‘s close, largely due to KOSPI’s gain, dealers said.
Bond prices, which move inversely to yields, closed sharply higher. The yield on three-year Treasuries fell 0.05 percentage point to 2.70 percent and the return on the benchmark five-year government bonds also slid 0.05 percentage point to 2.82 percent. (Yonhap)
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Articles by Korea Herald
