South Korean stocks closed 1.03 percent higher on Thursday as investors snapped up shares on eased eurozone debt woes and signs of moderate U.S. economic growth, analysts said. The local currency inched up against the U.S. dollar.
The benchmark KOSPI gained 19.02 points to 1,864.57. Trading volume was heavy at 470.8 million shares worth 5.31 trillion won ($4.57 billion) with gainers outstripping decliners 477 to 338.
“Despite lingering uncertainty, investors got a little relief from U.S. markets,” said Lee Seung-woo, an analyst at Daewoo Securities Co. “But they seem more inclined to move sideways to see how debt sales by Italy and Spain would turn out.”
After starting a tad higher, the key index underwent see-saw trading before extending gains, led by brokerages and chemical firms.
Brokerages and chemicals gained ground with No. 1 player Samsung Securities Co. rising 2.51 percent to 51,000 won and its rival Daewoo Securities Co. soaring nearly 6 percent to 11,500 won, recovering its recent losses.
OCI, the country’s leading polysilicon manufacturer, drove up the chemical issues as it surged by the daily limit of 15 percent to 255,000 won, following media reports its U.S. subsidiary OCI Solar Power LLC had been chosen as the preferred bidder for a U.S. solar power project.
Major blue chips gathered ground with top-cap Samsung Electronics Co. inching up 0.69 percent to 1,028,000 won and leading automaker Hyundai Motor Co. rising 1.10 percent to 229,500 won.
In contrast, telecoms ended bearish with top mobile carrier SK Telecom dropping 0.37 percent to 135,000 won and smallest player LG Uplus slumping 2.54 percent to 6,510 won.
Ssangyong Motor Co., South Korea’s smallest automaker, shed 0.67 percent to 8,910 won, snapping a four-session surge.
The local currency closed at 1,158.20 won against the greenback, up 0.5 won from Wednesday’s close, as foreigners bought local equities, dealers said.
(Yonhap News)
