Shares rise 1.41% on big-cap gains

South Korean stocks rose 1.41 percent Tuesday as big-cap gains more than offset persistent fiscal uncertainties in eurozone economies, analysts said. The local currency rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index surged 25.74 points to 1,849.91, the third consecutive session of gains.

Trading volume was light at just 319 million shares worth 3.69 trillion won ($3.13 billion), with gainers outpacing losers 520 to 310.

“The market got a big boost from a rise in big-cap shares that fell sharply in recent trading and it bolstered the market despite the lack of upbeat news from eurozone countries,” Lee Seung-woo, an analyst at Daewoo Securities, said.

This view was echoed by Hyundai Securities analyst Bae Sung-young who said the market moved up thanks to bargain hunting for shares that have long-term growth potential.

Others said the KOSPI trailed other Asian markets that rose on speculation that Beijing will push forward stimulus programs. This helped alleviate mounting eurozone woes caused by fears of Greece exiting the monetary union and Spain’s banking sector jitters.

Big caps posted gains across the board, with electronics, autos and chemicals leading the upward swing.

Market bellwether Samsung Electronics moved up 1.06 percent to 1,238,000 won, with top automaker Hyundai Motor jumping 1.93 percent to 237,500 won.

LG Electronics, a leading electronic appliance manufacturer, added 1.50 percent to 67,800 won, with No. 2 carmaker Kia Motors gaining 1.96 percent to 77,900 won.

Global steelmaker POSCO gained 0.70 percent to 358,500 won, with LG Chem, a leading manufacturer of rechargeable batteries, rising 2.22 percent to 299,000 won.

Hyundai Heavy Industries, the world’s largest shipmaker, soared 3.44 percent to 270,500 won.

The local currency finished at 1,174.85 won to the U.S. greenback, up 10.7 won from Friday’s close, dealers said. The local financial markets were closed Monday for Buddha’s Birthday. 

(Yonhap News)