South Korean stocks closed 0.35 percent higher Friday, as gains from non-ferrous metals and financial firms overshadowed concerns over worsening quarterly earnings, analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 6.69 points to finish at 1,906.75. Trading volume was moderate at 324.8 million shares worth 4.37 trillion won ($3.91 billion), but decliners outnumbered gainers 422 to 379.
"Those that have dipped in the past several sessions picked up, with a lot of non-ferrous metals and chemical issues gathering ground," said Lee Jae-man, an analyst at Tongyang Securities Co.
"Lackluster corporate performances certainly have weighed on the KOSPI, but we've been scared to hear that pretty much for this whole quarter. So anything more will hardly surprise us."
Major zinc smelter Korea Zinc spiked 6.36 percent to 284,500 won and Hyundai Steel ticked up 2.27 percent to 72,000 won.
Analysts noted that foreigners have snapped up equities in financial companies here, saying it's a sign that the stock market is, though slowly, moving upwards.
Samsung Fire & Marine Insurance jumped 2.58 percent to 218,500 won, with state-run Woori Finance Holdings climbing 1.78 percent to 11,450 won.
In contrast, automobile companies finished bearish on concerns that they will likely post poor first-quarter earnings due to a fast descent of the Japanese yen. No. 1 player Hyundai Motor was down 2.65 percent to 183,500 won and its auto parts-making arm Hyundai Mobis shed 1.3 percent to 265,500 won.
The local currency ended at 1,116.30 won against the greenback, up 7.7 won from Thursday's close, mainly due to the KOSPI's gains, dealers said. (Yonhap News)
