Arab Today, arab today south korean shares rebound on cyprus bailout
Last Updated : GMT 17:42:38
Arab Today, arab today
Arab Today, arab today

South Korean shares rebound on Cyprus bailout

Arab Today, arab today

Arab Today, arab today South Korean shares rebound on Cyprus bailout

Seoul - XINHUA

South Korean shares rose for the first time in four sessions on Monday as investors\' sentiment was improved after Cyprus agreed to receive an international bailout.The benchmark Korea Composite Stock Price Index (KOSPI) rose 28. 96 points, or 1.49 percent, to close at 1,977.67. Trading volume stood at 271.58 million shares worth 3.41 trillion won (3.07 billion U.S. dollars).Eurozone finance ministers approved a new bailout plan for Cyprus after the Mediterranean island nation reached an accord with the \"troika\" representing international lenders in overnight talks. The deal will allow Cyprus to get 10 billion euros (13 billion dollars) of emergency loans, preventing the nation from falling into default.Institutional investors led the market recovery by purchasing a net 153.8 billion won worth of stocks. Foreigners reduced their sales volume, while retail investors sold shares worth 63.2 billion won.All industry groups, except the electricity & gas and pharmaceutical sectors, gained ground. Among them, tech and auto shares showed outstanding performance.Market bellwether Samsung Electronics climbed 2.8 percent, and memory chip giant SK Hynix advanced 2.6 percent. Top automaker Hyundai Motor rose 0.5 percent, and its affiliate Kia Motors gained 0.9 percent. The nation\'s biggest auto parts maker Hyundai Mobis was up 2.6 percent.The world\'s largest shipyard Hyundai Heavy Industries added 2.7 percent, and top wireless carrier SK Telecom rose 2.3 percent. The state-run Korea Electric Power Corp. (KEPCO) fell 1.7 percent.The local currency finished at 1,110.8 won against the greenback, up 8.5 won from Friday\'s close.Bond prices ended steady. The yield on the liquid three-year treasury notes closed unchanged at 2.58 percent, and the return on the benchmark five-year government bonds finished flat at 2.66 percent.

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