South Korean shares jump as currency weakens

GMT 09:22 2014 Tuesday ,15 July

Arab Today, arab today South Korean shares jump as currency weakens

South Korean shares
Seoul - XINHUA

South Korean shares gained ground Tuesday as the local currency weakened sharply to the U.S. dollar, boosting foreign purchases on large exporters.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 18.84 points, or 0.94 percent, to close at 2,012.72. Trading volume stood at 356.64 million shares worth 4.04 trillion won (3. 93 billion U.S. dollars).
The KOSPI took a strong start on Wall Street gains overnight, caused by rising optimism over the second-quarter earnings of U.S. companies.
The main index kept its upward trend throughout the session as sharp depreciation of the South Korean currency boosted demand for large exporters among foreigners.
Foreign investors bought a net 265.8 billion won worth of local shares, offsetting retail and institutional sales of stocks worth 140.9 billion won and 132.3 billion won respectively.
The South Korean currency finished at 1,027.4 won against the greenback, down 9.2 won from Monday's close.
Market bellwether Samsung Electronics advanced 2.6 percent, and the nation's biggest auto parts maker Hyundai Mobis jumped 4.2 percent. Top automaker Hyundai Motor climbed 3.1 percent, and its affiliate Kia Motors soared 3.6 percent. Tech behemoth LG Electronics gained 1.1 percent, and the nation's largest steelmaker POSCO rose 0.3 percent. The No. 1 crude oil refiner SK Innovation added 0.7 percent, and leading builder Samsung C&T increased 1 percent.
Bond prices ended higher. The yield on the liquid three-year treasury notes fell 0.005 percentage point to 2.590 percent, and the return on the benchmark 10-year government bonds declined 0. 013 percentage point to 3.062 percent.

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