South Korean stocks finished 0.76 percent higher on Monday largely due to upbeat economic data from China and an upgrade in South Korea’s rating outlook, analysts said. The local currency rose against the U.S. dollar.
The benchmark KOSPI advanced 15.25 point to close at 2,029.29. Trading volume was moderate at 405 million shares worth 4.28 trillion won ($3.95 billion) with gainers outpacing 472 to 330.
“China’s economic data eased concerns over a global economic down,” said Kim Byung-yun, an analyst at Woori Investment & Securities. “Steelmakers and petrochemicals producers led the market gain.”
Better-than-expected economic data in the U.S. and China fueled optimism the global economy is recovering, according to analysts.
A U.S. report released on Friday showed that consumer sentiment climbed to its highest since February 2011. Economic data from China also sent a positive signal to the market as its Purchasing Managers’ Index rose to a one-year high in March.
Earlier in the day, South Korea’s credit rating outlook was raised by Moody’s Investors Service to positive from stable on the nation’s fiscal soundness and improved resilience to financial market turmoil.
Tech firms, automakers and steelmakers finished in positive terrain.
Market bellwether Samsung Electronics rose 1.88 percent to close at 1,299,000 won. SK hynix, the world’s No. 2 memory chipmaker, advanced 0.34 percent to end at 29,350 won.
Industry leader Hyundai Motor jumped 3 percent to end at 240,000 won, and its smaller affiliate Kia Motors also gained 2.16 percent to close at 75,700 won.
Steel producers, heavily reliant on demand from China, also remained bullish.
POSCO, the country’s leading steelmaker, gained 0.66 percent to end at 382,500 won, and its smaller rival Hyundai Steel sored 2.45 percent to end at 104,500 won.
The local currency finished at 1,127.90 won to the greenback, up 5.1 won from Friday’s close, on a big trade surplus for March and an improvement in South Korea’s rating outlook, dealers said.
(Yonhap News)
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