S. Korean shares close up on eased European debt woes

08:45, May 14, 2010      

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South Korean shares on Thursday rebounded as market sentiment started recovering from recent European debt woes, local analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) shot up 31.55 points, or 1.9 percent, to end at 1,694.58, according to the bourse operator Korea Exchange (KRX).

The South Korean market's recovery followed rallies in global financial markets, which were attributed to Spain and the United Kingdom presented plans to cut fiscal deficit and eurozone countries announced better-than-expected Q1 GDP data.

Foreigners turned to net purchase position, together with institutions, while retail investors shifted to net sellers.

The session was marked as the second for foreigners to make a net purchase, which analysts interpreted as foreigners back on purchase territory.

Local insurers led the market gain with a 3.27 percent hike thanks to a 1.32 percent rise in Samsung Life Insurance Co., which made a debut in South Korea's main bourse a day ago.

Financial shares, together with banks, also joined the rally, with a gain of 2.90 percent and 1.80 percent, respectively.

Market giant POSCO and KEPCO also shot up 0.22 percent and 3.97 percent, respectively, together with Samsung Electronics which surged 3.04 percent.

The junior bourse KOSDAQ jumped as well, up 10.41 points, or 2. 03 percent, ending trading at 522.54, said the KRX.

The derivatives also closed down with the KOSPI 200 Futures market advancing 5.20 points, or 2.40 percent, to 221.50, according to the bourse operator.

Meanwhile, the local currency made a recovery against the U.S. dollar, up 15.8 won from the previous session to hit 1,128 won.

Bond prices continued to close down with the yield on three- year Treasury notes rising 0.02 percentage point, to 3.79 percent.



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