South Korean stocks closed 0.37 percent higher on Monday as foreigners snapped up local shares amid easing eurozone fears and positive economic data, analysts said.
The local currency slipped against the U.S. dollar.
The benchmark Korea Composite Stock Price Index gained 7.12 points to 1,940.02. Trading volume was moderate at 304.6 million shares worth 3.3 trillion won ($3 billion), with decliners outnumbering gainers 484 to 318.
“We saw some positive economic data in China and South Korea as well as easing woes in the eurozone,” said Eom Tae-woong, an analyst at Bookook Securities Co.
“While the U.S. fiscal cliff is a looming issue, there is growing consensus the two parties will reach a conclusion. These factors shored up foreign buying,” he said.
The analyst also added North Korea’s rocket launch plan had limited impact on the local bourse which has grown “less sensitive” to issues stemming from the communist state.
Exporter blue chips gathered ground. Market bellwether Samsung Electronics rose 1.71 percent to 1,430,000 won and top automaker Hyundai Motor rose 1.33 percent to 228,500 won.
NHN, the operator of South Korea’s top-visited portal Naver, jumped 3.97 percent to 262,000 won on rosy prospects for its mobile messenger service LINE.
In contrast, builders ended on negative territory, with top player Hyundai Engineering & Construction falling 1.47 percent to 67,000 won.
Shipbuilders also finished bearish, with Daewoo Marine & Shipbuilding Engineering losing 1.44 percent to 23,950 won due to lackluster quarterly earnings. The company saw its third-quarter operating profit slump 34.1 percent from the previous year.
The local currency ended at 1,083.1 won against the greenback, down 0.2 won from Friday’s close, amid concerns over the North’s rocket launch, dealers said. (Yonhap News)
