Shares rebound on auto, tech gains

Korean stocks slightly rebounded from their 16-month low on Wednesday, aided by gains in autos, utility and tech shares as investors saw recent sell-offs on the local bourse as excessive, analysts said. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index rose 1.38 points, or 0.07 percent, to 1,883.83, snapping a seven day loss. Trading volume was moderate at 277 million shares worth 3.69 trillion won ($3.36 billion), with losers beating gainers 482 to 326.

The local stock market fell by almost 2 percent on Tuesday, as investors remained concerned about a continued slump in oil prices and political instability in Greece.

“Investors opted to buy oversold shares, but a further decline in oil prices and lingering woes over Greece would continue to sap investor sentiment,” said Kim Jung-hyun, an analyst at IBK Investment & Securities.

Top market cap Samsung Electronics rose 0.93 percent to close at 1,307,000 won ahead of its fourth-quarter earnings estimate due out later this week.

G Display, a major flat screenmaker, advanced 2.53 percent to end at 34,400 won on an upbeat earnings forecast. (Yonhap)