Shares gain 1.07% on U.S., China data

Korean stocks advanced 1.07 percent Friday, cheered by improved U.S. and Chinese economic indicators, analysts said. The local currency rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index climbed 20.28 points to finish at 1,918.72. Trading volume was moderate at 434.9 million shares worth 5.46 trillion won ($5 billion) with gainers outpacing losers 518 to 307.

“Good economic data in the U.S. and China offset the prolonged eurozone and fiscal cliff risks, though the gain was capped by a foreign outflow seeking profit out of the strong local currency,” said Bae Sung-young, an analyst at Hyundai Securities Co.

Foreign investors dumped stocks worth a net 12.5 billion won, while institutional investors snapped up a net 206.7 billion won.

U.S. markets got a boost from upbeat consumer and payroll data on Thursday. China’s better-than-expected manufacturing index also lent support to buoying the market.

However, the encouraging data failed to spark full-blown momentum on the local bourse, as downbeat corporate earnings still weigh down the economy, Bae added.

Tech blue-chips drove up the main index, with market heavyweight Samsung Electronics soaring 2.31 percent to 1,327,000 won on reports that its global sales of smartphone Galaxy Note 2 surpassed 3 million units.

The local currency ended at 1,090.90 won against the greenback, up 1.4 won from Thursday’s close, amid the won’s continuing gain, dealers said. (Yonhap News)