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Roundup: S. Korean shares jump on China stocks rebound

Xinhua, September 9, 2015 Adjust font size:

South Korean shares jumped nearly 3 percent on Wednesday, marking the first rise in four sessions, as China stocks showed a strong rebound and shrugged off past losses.

The benchmark Korea Composite Stock Price Index (KOSPI) jumped 55.52 points, or 2.96 percent, to 1,934.20 at the close. Trading volume stood at 508.96 million shares worth 5.19 trillion won (4. 36 billion U.S. dollars).

After surging almost 3 percent the previous day, China stocks maintained an upward trend Wednesday, easing concerns about the world's second-largest economy.

U.S. and European stocks increased overnight on China stocks gaining momentum, and Japan's major Nikkei 225 index soared 7.7 percent, the biggest daily increase since the 2008 global financial crisis.

South Korean stocks also advanced on the back of stock rallies across the world, with some demand for bargain-hunting flowing into the local stock market.

Market watchers said that the stock market made a technical rebound from recent losses, expecting the KOSPI to rise to the resistance level of 2,000 points.

Foreigners kept their second-longest selling streak for 25 straight sessions on worries about the first interest rate hike in the United States since the global financial crisis. Foreign investors reduced stock holdings by 147 billion won.

Retail investors dumped 389 billion won worth of shares, but local financial institutions purchased stocks worth 519 billion won, leading the KOSPI rebound.

Gainers outnumbered decliners. Leading cosmetics maker Amore Pacific surged 8.1 percent, and the biggest steel company POSCO advanced 5.5 percent. Memory chip giant SK Hynix increased 3.6 percent, and top life insurer Samsung Life Insurance climbed 3.4 percent.

The largest mobile operator SK Telecom added 3.2 percent, but top automaker Hyundai Motor slid 0.6 percent. The No.2 carmaker Kia Motors lost 0.4 percent, and Samsung SDS, the IT unit of Samsung Electronics, declined 1.3 percent.

The South Korean currency finished at 1,189.4 won against the greenback, up 11.5 won from Tuesday's close.

Bond prices ended lower. Yields on the liquid three-year treasury notes rose 1.2 basis points to 1.680 percent, and the return on the benchmark 10-year government bonds added 2.6 basis points to 2.253 percent. Endi