South Korean shares closed higher on Thursday after Hyundai Motor Co reported third quarter earnings that met market expectations. The Korea Composite Stock Price Index (KOSPI) closed up 0.55 percent at 1,924.50 points, snapping a run of four losing sessions.
"The Kospi stabilised after its recent losses, with some rallying around shares that had lost markedly," said Lee Eun-taek, an analyst at Dongbu Securities. The index rose 1.6 percent on news that Hyundai Motor reported July-September net profit of $1.97 billion, up 13 percent on last year and in line with expectations. Shares in the automaker jumped to close 3.9 percent higher. Hyundai affiliates Kia Motors and Hyundai Mobis also rose 5.8 percent and 2.7 percent respectively. Market heavyweight Samsung Electronics also ended 1.7 percent higher, a day before it is due to release its third quarter results.
Falling stocks outnumbered winners 469 to 354, suggesting the gains affected large-cap firms more than smaller ones. The KOSPI 200 benchmark of core stocks closed up 0.77 percent, while the junior KOSDAQ edged 1.2 percent lower.
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