south korean shares rebound on hopes for us recovery
Last Updated : GMT 09:05:49
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South Korean shares rebound on hopes for US recovery

Arab Today, arab today

Arab Today, arab today South Korean shares rebound on hopes for US recovery

Seoul - XINHUA

South Korean shares rebounded on Tuesday from the six-day losing streak amid rising hopes that the U.S. economy may recover ahead of the year-end shopping season. The benchmark Korea Composite Stock Price Index (KOSPI) gained 18.18 points, or 0.92 percent, to close at 1,995.48. Trading volume stood at 242.75 million shares worth 3.15 trillion won (2. 94 billion U.S. dollars). Recent economic indicators from the world's largest economy showed upbeat picture, boosting expectations that the South Korean economy, which heavily depends on exports to the U.S. for its growth, may benefit from the U.S. recovery. The U.S. economy created 204,000 jobs in October despite the partial government shutdown, exceeding analysts'estimates of around 120,000 workers hired. The economy expanded at an annual rate of 2.8 percent in the third quarter, higher than 2.5 percent in the prior quarter and beating market consensus of 2 percent. The positive data raised market expectations for retail sales in the U.S. during the year-end shopping season. The brisk consumption can improve earnings of South Korean exporters in the fourth quarter, market watchers said. However, investors refrained from taking aggressive positions in the stock market amid lingering concerns that the positive economic indicators in the U.S. may propel the nation's central bank to scale down its monthly asset purchases earlier than expected. Institutional investors bought shares worth 36 billion won, but foreign investors sold a net 3 billion won worth of local stocks. Retail investors were net sellers of a net 40.1 billion won worth of stocks. Among large-cap stocks, gainers outnumbered losers. Market bellwether Samsung Electronics rose 2 percent, and memory chip giant SK Hynix increased 1.4 percent. Top automaker Hyundai Motor added 0.6 percent, and leading chemical firm LG Chem edged up 0.3 percent. The nation's No.2 carmaker Kia Motors declined 1.8 percent, but the world's largest shipbuilder Hyundai Heavy Industries gained 0. 4 percent. The nations'biggest wireless carrier SK Telecom lost 0. 2 percent, and the nation's No.3 banking group Shinhan Financial Group inched down 0.2 percent. The South Korean currency finished at 1,071.4 won against the greenback, up 1.1 won from Monday's close. Bond prices ended lower. The yield on the liquid three-year treasury notes added 0.01 percentage point to 2.96 percent, and the return on the benchmark 10-year government bonds rose 0.01 percentage point to 3.59 percent.

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