South Korean stocks advanced Friday as a cease-fire agreement between Russia and Ukraine and a rally in U.S. stocks boosted investor sentiment, analysts said. The local currency sharply firmed against the dollar.
The benchmark Korea Composite Stock Price Index gained 15.87 points, or 0.82 percent, to finish at 1,957,50. Trading volume was moderate at 342.7 million shares worth 3.95 trillion won($3.6 billion), with gainers outpacing losers 498 to 307.
Analysts said investors took heart from the eased tension in Ukraine and its positive impact on oil prices, while hoping for a compromise during Greece bailout talks set for Monday.
"The local equity market was largely swayed by external factors as the earnings season for major companies is nearly over," Kim Sung-hwan, a researcher at Bukook Securities, said. "The armistice deal between Ukraine and Russia and the rebound in oil prices pushed up the KOSPI."
U.S. stocks made broad gains on Thursday after European leaders clinched the Ukraine cease-fire deal. The tech-laden NASDAQ hit a 15-year high at 4,857.61.
Refiners traded bullish as West Texas Intermediate crude increased 2 percent on Thursday, halting a two-day slide. Top refiner SK Innovation rose 3.4 percent to 100,500 won, and No. 3 S-Oil inclined 4.84 percent to 62,800 won.
LG Chem, the nation's leading chemicals firm, advanced 4.03 percent to 219,500 won.
Hyundai Heavy Industries sank 5.18 percent to 119,000 won after the world's largest shipbuilder on Thursday lost a court case on a wage dispute with its union, which is expected to add a financial burden on the firm that posted its worst performance last year.
Samsung Life Insurance, Samsung's insurance unit, tumbled 7.59 percent to 103,500 won as low interest rates dimmed its business outlook this year. In contrast, Cheil Industries, the de facto holding firm of Samsung Group, jumped 6.12 percent to 147,500 won.
The local currency ended at 1,097.0 won against th dollar, soaring 13.7 won from Thursday's close, as the greenback lost steam on the weaker-than-expected retail data from the world's biggest economy. (Yonhap)
