Arab Today, arab today south korean shares rise on negatives priced in
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South Korean shares rise on negatives priced in

Arab Today, arab today

Arab Today, arab today South Korean shares rise on negatives priced in

Seoul - XINHUA

South Korean shares advanced for two straight sessions Monday as views spread that negative factors, including the U.S. Federal Reserve's stimulus cut, were already priced in. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6. 08 points, or 0.31 percent, to close at 1,946.36. Trading volume stood at 211.95 million shares worth 3.35 trillion won (3.16 billion U.S. dollars). Negative factors, which rattled the local stock market over the past month, showed signs of phasing out as time passed by. The U.S. Fed scaled back its monthly bond purchases this month by 10 billion dollars further to 65 billion dollars, but it had been expected among traders. Volatilities among some emerging economies, caused by the Fed' s stimulus cut, showed easing signs recently, and the fourth- quarter earnings season passed by without any great problems. Institutional investors bought a net 114.7 billion won worth of shares, the largest daily purchase in more than 10 days, and foreigners bought stocks worth 19.1 billion won. The KOSPI's gain, however, was limited as retail investors offloaded stocks worth 132.4 billion won to lock in profits. Large-cap shares ended mixed. Market bellwether Samsung Electronics slid 1.2 percent, and the nation's No. 1 auto parts maker Hyundai Mobis tumbled 3.5 percent. Bank and shipbuilding shares gained ground. The world's largest shipbuilder Hyundai Heavy Industries advanced 3.3 percent, and its smaller rival Daewoo Shipbuilding & Marine Engineering ( DSME) jumped 3.9 percent. Leading banking group Woori Finance Holdings soared 4.6 percent, and its rival Shinhan Financial Group surged 5.5 percent. The South Korean currency finished at 1,060.5 won against the greenback, up 3.2 won from Friday's close. Bond prices ended lower. The yield on the liquid three-year treasury notes added 0.01 percentage point to 2.85 percent, and the return on the benchmark 10-year government bonds rose 0.02 percentage point to 3.50 percent.

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