South Korean stocks rebound on Asian share gain

Seoul, Sep 30 (IANS) South Korean stocks rebounded on Wednesday after the two-day closing for Chuseok, a traditional holiday, as main Asian equities gained ground.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 19.96 points, or 1.03 percent, to 1,962.81 at the close. Trading volume stood at 539.38 million shares worth 5.44 trillion won ($4.59 billion), Xinhua news agency reported.

The KOSPI took off a weak start as the local financial market was closed on Monday and Tuesday when the global stock market lost ground.

The index, however, rebounded in the afternoon as stocks in China and Japan went upward, boosting sentiment among investors.

The Shanghai composite index traded 1 percent higher and the Nikkei225 index closed 2.7 percent higher.

Market watchers said strong Chinese stocks especially bolstered investors’ sentiment because China is South Korea’s largest trade partner, but they cautioned about the upward trend being kept down the road.

Foreigners raised stock holdings by 148 billion won, turning into net buyers for the first time in six sessions. Retail and institutional investors sold stocks worth 38 billion won and 150 billion won respectively.

Most large-cap shares gained ground. Market bellwether Samsung Electronics rose two percent, and top automaker Hyundai Motor gained 1.2 percent.

The biggest auto parts maker Hyundai Mobis advanced four percent, and the Number two carmaker Kia Motors climbed 4.1 percent.

Leading chemical firm LG Chem surged 6.9 percent, and leading cosmetics maker Amore Pacific soared 5.1 percent. Memory chip giant SK Hynix declined 2.3 percent, and the state-run power supplier Korea Electric Power Corp. lost 0.1 percent.

The South Korean currency finished at 1,185.3 won against the greenback, up 9.4 won from Friday’s close.

Bond prices ended higher. Yields on the liquid three-year treasury notes declined 4.7 basis points to 1.568 percent, and the return on the benchmark 10-year government bonds slipped 7.3 basis points to 2.061 percent.

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