South Korean stocks closed 0.87 percent higher on Tuesday as eurozone agreements to cut Greek debts and aid the debt-ridden country helped ease investor jitters, analysts said. The local currency gained against the U.S. dollar.
The benchmark Korea Composite Stock Price Index climbed 16.69 points to 1,925.2. Trading volume was moderate at 572.1 million shares worth 4.49 trillion won ($4.14 billion), with decliners outnumbering gainers 425 to 392.
“The recent development in the Greece situation, coupled with hopes for the U.S. year-end shopping season, shored up investor sentiment,” said Park Sung-hoon, an analyst at Woori Investment & Securities Co.
“But it seems that uncertainties will linger until the U.S. ‘fiscal cliff’ issue reaches a resolution,” said Park.
Large caps gained ground across the board. Market bellwether Samsung Electronics gained 0.85 percent to 1,416,000 won and top automaker Hyundai Motor rose 3.69 percent to 225,000 won.
Oil refiners also closed bullish. Leading player SK Innovation added 2.85 percent to 162,500 won and Honam Petrochemical jumped 5.94 percent to 205,000 won.
Mobile carriers, however, underperformed on the KOSPI. Top player SK Telecom fell 1.32 percent to 150,000 won and No. 2 player KT lost 3.16 percent to 38,300 won.
Global credit appraiser Fitch Ratings recently forecast a downbeat outlook for the local telecommunications industry next year, citing “ongoing weaknesses in operating margins.”
Casino and ski resort operator Kangwon Land fell 4.44 percent to 30,100 won following a 13.31 percent surge in the previous session.
The local currency closed at 1,084.1 won against the greenback, up 1.4 won from Monday’s close amid eased concerns over the eurozone debt crisis, dealers said. (Yonhap News)
