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S.Korean shares advance on optimism over China


09:20, December 06, 2012

SEOUL, Dec. 5 (Xinhua) -- South Korean shares advanced on Wednesday from the previous session's losses as market sentiment was boosted by optimism over the Chinese economy under the new leadership.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 11.86 points, or 0.61 percent, to close at 1,947.04. Trading volume stood at 483.58 million shares worth 3.99 trillion won (3.69 billion U.S. dollars).

The KOSPI stayed in narrow range earlier in the trading following Wall Street losses overnight. The U.S. stocks ended bearish amid lingering concerns over the fiscal cliff issue, a series of tax cut expiry and spending reduction automatically kicking in at the start of next year if U.S. lawmakers and the White House fail to reach an agreement.

The major index, however, changed its direction into the positive territory, extending its gains throughout the session after Chinese shares rose sharply to end at 2,031.91, up 2.87 percent from Tuesday's close.

Market watchers said that market sentiment was boosted by hopes that the world's No.2 economy will be more stabilized under the new leadership.

The political Bureau of the Communist Party of China (CPC) Central Committee said Tuesday in a statement that China will " maintain continuity and stability in its macro-economic policies, make them more targeted and effective, and predetermine or fine- tune these policies at an appropriate time and in an appropriate way." The statement was issued after a political bureau meeting presided over by Xi Jinping, general secretary of the CPC Central Committee.

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