Seoul shares edged up on Friday to set a three-day rally, closing at a fresh seven-month closing high backed by bullish sentiment from the European Central Bank's second round of liquidity injections and positive US jobs data. Hyundai Motor rose 1.85 percent after it reported all-time high US February sales while Kia Motors gained 1.41 percent.
The Korea Composite Stock Price Index (KOSPI) rose 0.22 percent to wrap up at 2,034.63 points. Strong offshore buying propped up the market, as foreign investors gobbled up a net 375.5 billion won ($335.6 million) worth of shares.
STX Pan Ocean jumped 8.96 percent after analysts pointed at higher shipping rate forecasts and eased concerns of a liquidity crunch that have surrounded the STX Group since it put Singapore-listed STX OSV Holdings up for sale in January as part of fundraising efforts. STX Group affiliated shares rallied across the board, with STX Offshore & Shipbuilding soaring 4.14 percent while STX Engine gained 2.85 percent.
The main benchmark index has gained more than 11 percent this year following the European Central Bank's mega liquidity operation and resilient US economic data, but analysts say fundamentals now hold the key for a further push. 476.6 million shares exchanged hands on the main bourse in a relatively quiet session, with winning shares outnumbering decliners 497 to 316. The KOSPI 200 index inched up 0.12 percent while the junior, tech-heavy KOSDAQ was up 0.31 percent.
Comments
Comments are closed.