Shares up 1% on Wall Street gains

South Korean stocks soared Friday, extending their gains for a third consecutive session on overnight gains on Wall Street and growing expectations of stimulus in the eurozone, analysts said. The South Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index rose 20.05 points, or 1.05 percent, to 1,924.70. Trading volume was moderate at 305 million shares worth 4.25 trillion won ($3.89 billion), with gainers beating losers 530 to 283.

“Samsung’s fourth-quarter earnings were positive, and eased concerns over a drop in oil prices may help boost buying bids for large-cap stocks,” said Kim Jung-hyun, an analyst at IBK Investment & Securities.

Steel, financial and auto stocks led the overall market gain, while some tech shares slipped on profit-taking.

POSCO, the country’s top steelmaker, rose 1.57 percent to end at 290,500 won, and the No. 2 Hyundai Steel surged 3.99 percent to end at 67,700 won.

Automakers remained in positive terrain with industry leader Hyundai Motor surging 1.12 percent to end at 180,000 won, and its smaller affiliate, Kia Motors, rising 2.3 percent to end at 53,400 won. (Yonhap)