Korean stocks jumped 1.82 percent Friday as signs of optimism in Europe and the U.S. eased jitters, whetting foreign investor appetite for risky assets, analysts said. The local currency rose against the U.S. dollar.
The benchmark KOSPI gained 34.83 points to 1,949.80. Trading volume was moderate at 397.4 million shares worth 7.24 trillion won ($6.38 billion) with gainers outpacing losers 490 to 353.
“Shares gathered significant ground on eased pressure buttressed by a series of smooth debt auctions in the crisis-hit eurozone,” said Cho Byung-hyun, an analyst at Tong Yang Securities Co.
The main global stock markets gained ground on Thursday following four-year-low U.S. jobless claims and strong earnings by major lenders, including the Bank of America Corp. Firm debt sales by France and Spain with cheaper borrowing costs also lent support to investors hoping for the market to gain momentum.
Foreign investors snatched up local shares worth 1.41 trillion won, the largest net purchase since Sept. 1 last year, extending their buying streak to a ninth consecutive session.
Foreigners scooped up tech issues, causing the market behemoth Samsung Electronics Co. to rise 3.08 percent to 1,105,000 won and leading chip maker Hynix Semiconductor Inc. to soar 2.47 percent to 26,950 won.
Brokerages and financial firms boosted the KOSPI, with Mirae Asset Securities Co. spiking 7.61 percent to 37,450 won and No. 3 player Woori Investment & Securities surging 6.35 percent to 13,400 won.
Shipbuilders and oil refiners finished bullish. STX Offshore & Shipbuilding Co. skyrocketed 11.72 percent to 13,350 won and top refiner SK Innovation shot up 6.69 percent to 10,500 won.
In contrast, autos lost ground, with No. 2 player Kia Motors Corp. shedding 0.3 percent to 67,300 won and smallest maker Ssangyong Motors Co. falling 3.79 percent to 7,370 won.
The local currency ended at 1,134.30 won against the greenback, up 2.8 won from Thursday’s close, as foreigners unloaded their dollar holdings to snap up local shares, dealers said.
(Yonhap News)
