South Korean stocks finished 0.99 percent higher Tuesday on hopes for a recovery of the global economy, analysts said. The local currency rose against the U.S. dollar.
The benchmark KOSPI advanced 19.99 points to close at 2,049.28. Trading volume was moderate at 587 million shares worth 5.99 trillion won ($5.6 billion), with gainers outpacing 302 to 518.
Positive manufacturing data from the U.S. released Monday added to growing hopes the global economy is on a recovery track. On Monday, the local stock market snapped a three-day losing streak on the back of upbeat economic data from China.
“A series of economic data from major economies show the global economy is not so bad,” said Kim Nak-won, an analyst at Hi Investment & Securities. “Such upbeat data are boosting investor sentiment.”
Tech firms, automakers and shipbuilders finished in positive terrain.
Market bellwether Samsung Electronics rose 2.77 percent to close at 1,335,000 won. SK hynix, the world’s No. 2 memory chipmaker, advanced 3.24 percent to end at 30,300 won.
Industry leader Hyundai Motor jumped 6.25 percent to end at 255,000 won, and its smaller affiliate Kia Motors also gained 3.43 percent to close at 78,300 won.
Hyundai Mobis, the country’s leading auto parts maker, rose 1.37 percent to close at 296,500 won.
Hyundai Heavy Industries, the country’s leading shipbuilder, gained 2.18 percent to close at 328,000 won, and its smaller rival Samsung Heavy Industries advanced 2.35 percent to end at 39,150 won.
The local currency finished at 1,121.85 won to the greenback, up 6.05 won from Monday’s close, on South Korea’s record foreign reserves for March and improved economic data, dealers said. (Yonhap News)
