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S.Korean shares advance on positive China exports

Xinhua, April 14, 2016 Adjust font size:

South Korean shares made a big advance on Thursday as China, South Korea's largest trading partner, posted a growth in March exports, indicating a recovery of the world's No. 2 economy.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 34.61 points, or 1.75 percent, to settle at 2,015.93, posting this year's highest close. Trading volume stood at 456.15 million shares worth 6.28 trillion won (5.43 billion U.S. dollars).

China's exports jumped 11.5 percent in March from a year earlier, boosting expectations that recovery in the Chinese economy would have a positive effect on South Korea, which heavily depends on exports toward China.

U.S. and European stocks gained momentum overnight thanks to positive economic indicator from China.

Market watchers said positive export data in China bolstered up market sentiment toward risk assets such as stocks, noting that foreigners bought both stocks and futures in the local market.

Foreign investors led the KOSPI advance by purchasing a net 552 billion won worth of stocks. Retail investors dumped shares worth 782 billion won, but local financial institutions raised stock holdings by 174 billion won.

Most large-cap stocks gained ground. Market bellwether Samsung Electronics added 2 percent, and top automaker Hyundai Motor climbed 2.4 percent. The biggest life insurer Samsung Life Insurance jumped 4.8 percent, and leading chemical firm LG Chem rose 4.7 percent. The No.1 steelmaker POSCO picked up 4 percent, and the No.2 carmaker Kia Motors advanced 3.8 percent.

The tech-savvy KOSDAQ index inched down 0.03 points to close at 693.42. The index trimmed earlier gains as local financial institutions dumped shares.

South Korea's currency finished at 1,156.7 won against the greenback, down 10.9 won from Tuesday's close. The local financial market was closed on Wednesday for the 20th parliamentary election.

Bond prices ended lower. Yields on the liquid three-year treasury notes added 3.7 basis points to 1.502 percent, and the return on the benchmark 10-year government bonds rose 5.3 basis points to 1.844 percent. Enditem