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Roundup: S.Korean shares gain ground on upbeat earnings outlook

Xinhua, October 8, 2015 Adjust font size:

South Korean shares gained ground Thursday on expectations for upbeat third-quarter earnings after better-than-expected earnings from market bellwether Samsung Electronics.

The benchmark Korea Composite Stock Price Index (KOSPI) increased 13.69 points, or 0.68 percent, to 2,019.53 at the close. Trading volume stood at 693.71 million shares worth 6.07 trillion won (5.24 billion U.S. dollars).

Outlook for the third-quarter corporate earnings turned rosy after Samsung Electronics took investors by surprise with earnings topping analysts' estimates.

Preliminary figure for Samsung's operating profit was estimated at 7.3 trillion won in the third quarter. The profit jumped 79.8 percent compared with the third quarter of last year when the South Korean tech behemoth saw its profit bottom at 4.06 trillion won.

The third-quarter reading also exceeded a market consensus of about 6.6 trillion won which was estimated by 22 securities firms, according to financial information provider FN Guide.

Samsung Electronics, which account for about 15 percent of the total market capitalization, rose 1.5 percent after surging more than 8 percent the previous day.

Auto shares moved higher on expectations that domestic carmakers may benefit from low sales of foreign luxury cars caused by an emissions cheating scandal of German automaker Volkswagen.

Top automaker Hyundai Motor, its affiliate Kia Motors and the biggest auto parts maker Hyundai Mobis, increased over 1 percent.

Foreigners raised stock holdings by 185 billion won, keeping a buying trend for three straight sessions. Individual investors sold stocks worth 203 billion won, and local financial institutions reduced holdings by 33 billion won.

The South Korean currency finished at 1,159.0 won against the greenback, up 2.3 won from Wednesday's close. The local currency appreciated to the dollar for nine sessions in a row. Endi