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Seoul shares rebound on eased emerging market woes

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Published : 2014-02-05 20:25
Updated : 2014-02-05 20:25

South Korean stocks rose 0.24 percent on Wednesday, snapping a decline in two consecutive sessions as concerns over emerging markets eased and investors followed an overnight rebound on Wall Street, analysts said. The local currency sharply rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index advanced 4.47 points to 1,891.32. Trading volume was moderate at 240 million shares worth 3.89 trillion won ($3.61 billion) with gainers outpacing losers 451 to 349.

“Investors went on bargain hunting for oversold shares,” said Park Sung-hoon, an analyst at Woori Investment & Securities. “But uncertainties still run high, and a slew of economic data coming in the next few weeks will set the overall tone for the market.”

The Dow Jones industrial average ended 0.47 percent up on Tuesday as investors rallied after a 2 percent loss in the previous session.

Top cap shares closed mixed with industry leader Hyundai Motor rising 1.11 percent to close at 228,500 won.

Top auto parts maker Hyundai Mobis advanced 4.06 percent to end at 307,500 won.

Naver, the operator of the country‘s top Internet portal, rose 3.45 percent to end at 689,000 won.

In contrast, market bellwether Samsung Electronics fell 0.96 percent to close at 1,237,000 won. Top steelmaker POSCO declined 0.17 percent to end at 289,500 won. (Yonhap)

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