South Korean stocks closed 0.98 percent higher Tuesday as investor sentiment buoyed on improved trade data from China, analysts said. The local currency closed higher against the U.S. dollar.
The benchmark Korea Composite Stock Price Index gained 19.39 points, or 0.98 percent, to finish at 1,994.06. Trading volume was low at 252.6 million shares worth 5 trillion won ($4.65 billion) with gainers outpacing losers 481 to 326.
Analysts said Seoul shares gathered ground as China’s export advanced 7.2 percent on-year in August, a faster pace than the 5.1 percent tallied in July. China is South Korea’s biggest trading partner.
“Foreigners continued to scoop up local shares as improved economic data from China boosted investor sentiment in South Korea,” said Park Sung-hoon, a researcher at Woori Investment & Securities Co.
“However, the growth was limited due to rising concerns over the Syrian crisis and the Federal Open Market Committee’s meeting scheduled next week,” Park added. (Yonhap News)
