Shares up 0.47% as eurozone jitters fade

South Korean stocks ended 0.47 percent higher on Wednesday as investors scooped up shares amid eased concerns over Greece and hopes on the European Central Bank’s massive stimulus, analysts said. The local currency weakened against the U.S. dollar.

The benchmark Korea Composite Stock Price Index gained 9.18 points to 1,961.58. Trading volume was moderate at 392.8 million shares worth 5.3 trillion won ($4.9 billion), with gainers outnumbering decliners 479 to 319.

The KOSPI got off to a weak start as overnight losses on Wall Street dampened investor sentiment but moved upwards as institutions snapped up shares.

Analysts said that investors are shifting away from concerns over Greece’s possible exit from the eurozone and turning to gains from the ECB move.

“The market is focusing on how much the eurozone economy will benefit from the ECB decision rather than worrying about Greece,” said Kang Hyun-gie, an analyst at I’M Investment & Securities. (Yonhap)