South Korean shares rose to their highest close in four weeks on Tuesday, as upbeat consumer sentiment data bolstered lenders such as Kookmin Bank as well as other stocks focused on domestic demand.
Shares in domestic airlines such as Korean Air Co also gained as a dip in oil prices relieved worries over jet fuel costs, and amid optimism for improving earnings on growing international travel and cargo shipments. But trading was expected to remain cautious ahead of a central bank policy meeting on Thursday, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) closed up 0.68 percent at 1,226.71. It was the highest finish since October 11 when it struck a record close of 1,244.27.
"Market expectations about the economy are good," said Choo Hee-yeop, deputy general manager of asset management strategy at Korea Investment and Securities.
South Korea's key consumer sentiment index rose for a second consecutive month in October, data showed early on Tuesday, providing evidence of broader economic growth.
Kookmin Bank, the country's biggest lender, rose 2.37 percent to 64,800 won.
Korean Air Co, the country's top carrier, rose 5.92 percent to 22,350 won ahead of its quarterly earnings on Friday after US crude oil futures fell $1.11 to settle at $59.47 a barrel on Monday.
Hynix Semiconductor Inc fell 1.36 percent to 21,700 won as investors locked in gains from the stock's 15.8 percent over the past six sessions.
The junior Kosdaq market rose for a seventh consecutive session, ending up 0.19 percent at 623.75, its highest close since ending at 631.4 on July 19, 2004.
Trade volume reached some 411 million shares worth 3.2 trillion won compared to 345.1 million shares worth 3.1 trillion won on Monday. Gainers edged out decliners by 440 to 320 with 66 titles ending flat.
Foreign investors sold a net 54.1 billion won in shares on the main bourse, while retail investors sold a net 114.6 billion won. Institutional investors bought a net 138.9 billion won. The December KOSPI 200 futures index rose 1.55 points to 158.40, while the underlying KOSPI 200 spot index added 0.97 point to 157.72.
Comments
Comments are closed.