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Korean stocks closed 1.12 percent higher Wednesday on signs that debt-laden Greece will soon undertake the rest of the procedures needed to get its second bailout package, analysts said. The local currency rose against the U.S. dollar.
The benchmark KOSPI climbed 22.14 points to 2,003.73, surpassing the psychologically significant 2,000 mark for the first time since Aug. 4. Trading volume was heavy at 571.2 million shares worth 7.09 trillion won ($6.35 billion) with gainers far outpacing decliners 502 to 315.
“Investor jitters were lessened by the fact that Greece is heading for a final solution to its debt crisis,” said Lee Young-won, an analyst at HMC Securities Co.
The benchmark KOSPI climbed 22.14 points to 2,003.73, surpassing the psychologically significant 2,000 mark for the first time since Aug. 4. Trading volume was heavy at 571.2 million shares worth 7.09 trillion won ($6.35 billion) with gainers far outpacing decliners 502 to 315.
“Investor jitters were lessened by the fact that Greece is heading for a final solution to its debt crisis,” said Lee Young-won, an analyst at HMC Securities Co.
The Greek government said Tuesday it was drafting a plan detailing austerity measures it will take to meet the demand from its European neighbors in return for a 130 billion euro rescue deal.
“Foreign buying added to the KOSPI’s strong gain. Since it regained its 2,000 mark, the index will likely move in positive territory for the rest of the week,” Lee added.
Foreigners scooped up a net 399.8 billion won, extending their buying streak to three straight sessions. Institutions bought a net 17.0 billion won and retail investors offloaded a net 400 billion won.
Construction and transportation firms drove up shares, with market leader Hyundai Engineering & Construction jumping 2.93 percent to 80,800 won and top airline Korean Air Lines soaring 4.77 percent to 57,100 won.
Tech blue chips gathered ground, with No. 2 chipmaker Hynix Semiconductor surging 4.33 percent to 26,500 won and electronics parts maker LG Innotek advancing 3.53 percent to 91,000 won. In contrast, market behemoth Samsung Electronics edged down 0.09 percent to 1,092,000 won.
Heavy Industries and oil refiners also finished bullish. Top global shipbuilder Hyundai Heavy Industries shot up 5.91 percent to 313,500 won and leading refiner SK Innovation gained 3 percent to 189,000 won.
The local currency ended at 1,115.80 won against the greenback, up 2.9 won from Tuesday’s close, on the back of the KOSPI’s gain and eased fears over the eurozone debt crisis, dealers said.
(Yonhap News)
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Articles by Korea Herald
