Published : 2013-10-28 15:45
Updated : 2013-10-28 15:45
South Korean stocks closed 0.68 percent higher Monday, boosted by gains in tech and auto large-caps on the back of firm foreign buying, analysts said. The local currency rose slightly against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 13.75 points to finish at 2,048.14. Trading volume was light at 252.3 million shares worth 3.83 trillion won ($3.61 billion), but decliners outstripped gainers 436 to 382.
The main index bobbed in and out of positive territory as investors opted to stay on the sidelines amid concerns that China may try to rein in the economy to avoid inflation. But KOSPI picked up momentum toward the later session fueled by foreign-led gains in tech and auto shares.
"A stronger won and worries about Beijing weighing further tightening measures may have dented foreigners' buying mode, but such factors aren't enough to make them change their optimistic view toward the Korean stock market that still holds good fundamentals," said Kim Ji-hyung, an analyst at Hanyang Securities Co.
Retail and institutional investors sold off a net 106.3 billion won and 18.3 billion won, respectively, as they sought after profit-taking.
Blue-chip tech and auto firms drove up KOSPI. Samsung Electronics hiked 2.28 percent to 1,482,000 won, with Hyundai Motor climbing 2.51 percent to 265,000 won.
But domestic-focused stocks finished bearish. State-run electricity provider Korea Electric Power Corp. fell 0.36 percent.
KB Financial Group, a major banking firm, slid 0.95 percent to 41,600 won.
The local currency ended at 1.061.10 won against the greenback, up 0.7 won from Friday's close, mainly due to KOSPI's gain, dealers said. (Yonhap News)