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Roundup: S. Korean shares rise on eased Greece concerns

Xinhua, January 27, 2015 Adjust font size:

South Korean shares ended higher on Tuesday as concerns eased over possible exit of Greece from the eurozone.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 16.72 points, or 0.86 percent, to 1,952.40 at the close. Trading volume stood at 458.8 million shares worth 4.49 trillion won (4.16 billion U.S. dollars).

Greek opposition party Syriza, which has opposed fiscal austerity, won general elections, but worries about the possible Grexit were relieved as global stocks gained ground overnight.

Market watchers said possibility is low for Greece to drop its membership with the eurozone as it could lead to an eventual collapse of the European country.

The European Central Bank's expanded monetary stimulus boosted expectations that ample foreign funds, caused by the money printing in Europe, may flow into a relatively strong economy in emerging markets, including South Korea.

Foreign and institutional investors bought stocks worth 76.8 billion won and 91.8 billion won each, bolstering the benchmark index. Retail investors sold shares worth 194.6 billion won.

Large-cap shares ended mixed. Market bellwether Samsung Electronics rose 0.8 percent, and memory chip giant SK Hynix gained 1.9 percent. The biggest auto parts maker Hyundai Mobis climbed 1.4 percent, and the No.1 life insurer Samsung Life Insurance advanced 1.7 percent.

The monopoly power supplier Korea Electric Power Corp. declined 1.3 percent, and the most-used search engine Naver slid 0.9 percent. The No.2 carmaker Kia Motors retreated 2.3 percent, and top steelmaker POSCO lost 0.9 percent.

The South Korean currency finished at 1,079.8 won against the greenback, up 1.0 won from Monday's close.

Bond prices ended mixed. Yields on the liquid three-year treasury notes added 0.5 basis points to 2.029 percent, but the return on the benchmark 10-year government bonds closed unchanged at 2.300 percent. Endi