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South Korean stocks ended up 0.88 percent to a two-week high Tuesday as investor sentiment was boosted by signs of progress on multilateral talks for a ceasefire in Ukraine, analysts said. The local currency slightly gained against the U.S. dollar.
The benchmark Korea Composite Stock Price Index gained 18.01 points to 2,071.14, piercing the 2,070 point level for the first time in two weeks since Aug. 4 when it closed at 2,080.
Trading volume was moderate at 322.4 million shares worth 4.3 trillion won ($4.23 billion), with winners outnumbering losers 422 to 381.
Over the weekend, foreign ministers from Russia, Ukraine, Germany and France gathered in Berlin to seek political solutions for the crisis in Ukraine. The news prompted investors to bet on U.S. and European stock markets, with the Nasdaq Composite Index soaring to a 14-year high.
Market watchers noted that Europe’s political efforts to ease the tensions in Ukraine comforted investors, who have been worried about the impact of the crisis.
“The Ukraine-Russian conflict would weigh heavily on the eurozone economy that has been sluggish and vulnerable for years,” said Lee Jae-hun, a market analyst at Mirae Asset Securities Co.
“Investors expect the eurozone to gain momentum to turn around, if the crisis is resolved in the short term.”
Foreign investors spearheaded the KOSPI rise, scooping up a net 175.3 billion won worth of local shares, while institutions dumped a net 151.1 billion won.
Tech giant Samsung Electronics, ranking first in terms of market capitalization, climbed 0.32 percent to close at 1,254,000 won.
Leading mobile operator SK Telecom jumped 3.39 percent to 274,500 won and No. 2 KT advanced 1.74 percent to 35,100 won.
Steelmakers were bullish, with industry leader POSCO gaining 1.35 percent to 337,000 won and Hyundai Hysco shooting up 9.74 percent to 93,500 won.
Banks were also among the winners, with Shinhan Financial Group adding 1.16 percent to 52,400 won and Woori Finance Holdings rising 2.19 percent to 14,000 won.
The local currency ended at 1,017.30 won against the greenback, up 0.3 won from Monday’s close. (Yonhap)
The benchmark Korea Composite Stock Price Index gained 18.01 points to 2,071.14, piercing the 2,070 point level for the first time in two weeks since Aug. 4 when it closed at 2,080.
Trading volume was moderate at 322.4 million shares worth 4.3 trillion won ($4.23 billion), with winners outnumbering losers 422 to 381.
Over the weekend, foreign ministers from Russia, Ukraine, Germany and France gathered in Berlin to seek political solutions for the crisis in Ukraine. The news prompted investors to bet on U.S. and European stock markets, with the Nasdaq Composite Index soaring to a 14-year high.
Market watchers noted that Europe’s political efforts to ease the tensions in Ukraine comforted investors, who have been worried about the impact of the crisis.
“The Ukraine-Russian conflict would weigh heavily on the eurozone economy that has been sluggish and vulnerable for years,” said Lee Jae-hun, a market analyst at Mirae Asset Securities Co.
“Investors expect the eurozone to gain momentum to turn around, if the crisis is resolved in the short term.”
Foreign investors spearheaded the KOSPI rise, scooping up a net 175.3 billion won worth of local shares, while institutions dumped a net 151.1 billion won.
Tech giant Samsung Electronics, ranking first in terms of market capitalization, climbed 0.32 percent to close at 1,254,000 won.
Leading mobile operator SK Telecom jumped 3.39 percent to 274,500 won and No. 2 KT advanced 1.74 percent to 35,100 won.
Steelmakers were bullish, with industry leader POSCO gaining 1.35 percent to 337,000 won and Hyundai Hysco shooting up 9.74 percent to 93,500 won.
Banks were also among the winners, with Shinhan Financial Group adding 1.16 percent to 52,400 won and Woori Finance Holdings rising 2.19 percent to 14,000 won.
The local currency ended at 1,017.30 won against the greenback, up 0.3 won from Monday’s close. (Yonhap)
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Articles by Korea Herald
