Published : 2013-09-11 15:29
Updated : 2013-09-11 15:29
Korean stocks closed 0.49 percent higher Wednesday as foreigners extended their buying spree to the 14th consecutive trading session, analysts said. The local currency closed lower against the greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.79 points to finish at 2,003.85. Trading volume was low at 294.4 million shares worth 4.5 trillion won (US$4.19 billion) with gainers outpacing losers 540 to 264.
It marked the first time in more than three months for the KOSPI to hover above the 2,000 mark, after closing at 2,001.05 on May 31, 2013.
Analysts said Seoul shares gathered ground as investors continued their buying rally to the 14th consecutive trading session backed by an improved outlook over Asia's fourth-largest economy. Overseas investors scooped up a net 676.5 billion won during the trading session.
In contrast, institutions and individuals offloaded a net 319 billion won and 345.3 billion won, respectively.
Russia's proposal to control chemical weapons of Syria also eased concerns over a U.S.-led military action on the Middle East country, further boosting investors' sentiment, analysts added.
The Syrian crisis came as one of major drags on the local stock market, as it is anticipated to spark political and economic instability in the Middle East, and also have an adverse impact on global oil prices.
Meanwhile, the growth was limited ahead of the U.S. Federal Reserve's two-day regular monetary meeting slated for Sept. 17-18, which is anticipated to provide investors with more details on the schedule of the tapering of its quantitative easing moves, analysts said.
"Investors took a wait-and-see approach on the Federal Open Market Committee's meeting scheduled next week and ahead of the Chuseok, or Thanksgiving, holiday," said Lee Sang-jae, a researcher at Hyundai Securities Co.
Builders closed higher, with Hyundai Engineering & Construction adding 1.45 percent to 63,000 won and Daelim Industrial rising 1.41 percent to 100,500 won. Daewoo Engineering & Construction gained 1.34 percent to 8.290 won.
Tech shares traded mixed, with market behemoth Samsung Electronics rising 0.43 percent to 1,402,000 won. In contrast, top chipmaker SK hynix shed 0.17 percent to 28,900 won and LG Electronics lost 0.53 percent to 74,700 won.
No. 1 carmaker Hyundai Motor moved down 0.8 percent to 248,000 won and its auto parts affiliate Hyundai Mobis lost 0.69 percent to 288,500 won. Kia Motors climbed 1.03 percent to 68,600 won.
The local currency ended at 1,086.50 won against the greenback, down 2.40 won from Monday's close. (Yonhap news)