Published : 2013-09-26 15:45
Updated : 2013-09-26 15:45
South Korean stocks closed 0.46 percent higher Thursday, with its growth being limited by the rising woes over the U.S. debt ceiling, analysts said. The local currency gained against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.26 points to finish at 2,007.32. Trading volume was low at 247.9 million shares worth 3.89 trillion won (US$3.62 billion) with gainers outpacing losers 530 to 272.
Analysts said Seoul shares posted a limited growth as U.S. President Barack Obama and the Republican Party are at odds over expanding the government's debt ceiling and the budget plan for 2014.
"The protracted controversies over the U.S. budget plan are expected to continue to weigh down the market through the end of this month," said Lim Soo-kyun, a researcher at Samsung Securities Co.
U.S. stocks also closed lower Wednesday on the rising uncertainties over the government's budget plan, with the Dow Jones industrial average falling 0.4 percent and tech-laden NASDAQ composite index losing 0.19 percent.
Foreigners, meanwhile, purchased more shares than they sold for the 22nd consecutive session at a net 177 billion won, solely leading the market gain.
Individuals and institutions, on the other hand, offloaded a net 116.9 billion won and 61.2 billion won, respectively.
Tech shares closed higher, with market behemoth Samsung Electronics moving up 0.59 percent to 1,372,000 won and top chipmaker SK hynix adding 2.02 percent to 30,350 won. LG Electronics gained 0.14 percent to 72,200 won.
Shipbuilders also gathered ground, with Hyundai Heavy Industries advancing 1.16 percent to 262,500 won and Samsung Heavy Industries climbing 0.12 percent to 43,200 won. Daewoo Shipbuilding & Marine Engineering moved up 3.04 percent to 33,850 won.
Builders closed lower, with Hyundai Engineering & Construction falling 0.79 percent to 63,100 won and Daelim Industrial moving down 1.48 percent to 100,000 won. Daewoo Engineering & Construction, in contrast, gained 0.23 percent to 8,620 won.
The local currency ended at 1,075.10 won against the greenback, up 1.60 won from Wednesday's close as exporters offloaded the U.S. dollar, dealers said. (Yonhap news)