AGL 38.16 Decreased By ▼ -0.06 (-0.16%)
AIRLINK 134.19 Increased By ▲ 5.22 (4.05%)
BOP 8.85 Increased By ▲ 1.00 (12.74%)
CNERGY 4.69 Increased By ▲ 0.03 (0.64%)
DCL 8.67 Increased By ▲ 0.35 (4.21%)
DFML 39.78 Increased By ▲ 0.84 (2.16%)
DGKC 85.15 Increased By ▲ 3.21 (3.92%)
FCCL 34.90 Increased By ▲ 1.48 (4.43%)
FFBL 75.60 Decreased By ▼ -0.11 (-0.15%)
FFL 12.74 Decreased By ▼ -0.08 (-0.62%)
HUBC 109.45 Decreased By ▼ -0.91 (-0.82%)
HUMNL 14.10 Increased By ▲ 0.09 (0.64%)
KEL 5.40 Increased By ▲ 0.25 (4.85%)
KOSM 7.75 Increased By ▲ 0.08 (1.04%)
MLCF 41.37 Increased By ▲ 1.57 (3.94%)
NBP 69.70 Decreased By ▼ -2.62 (-3.62%)
OGDC 193.62 Increased By ▲ 5.33 (2.83%)
PAEL 26.21 Increased By ▲ 0.58 (2.26%)
PIBTL 7.42 Increased By ▲ 0.05 (0.68%)
PPL 163.85 Increased By ▲ 11.18 (7.32%)
PRL 26.36 Increased By ▲ 0.97 (3.82%)
PTC 19.47 Increased By ▲ 1.77 (10%)
SEARL 84.40 Increased By ▲ 1.98 (2.4%)
TELE 7.99 Increased By ▲ 0.40 (5.27%)
TOMCL 34.05 Increased By ▲ 1.48 (4.54%)
TPLP 8.72 Increased By ▲ 0.30 (3.56%)
TREET 17.18 Increased By ▲ 0.40 (2.38%)
TRG 61.00 Increased By ▲ 4.96 (8.85%)
UNITY 28.96 Increased By ▲ 0.18 (0.63%)
WTL 1.37 Increased By ▲ 0.02 (1.48%)
BR100 10,786 Increased By 127.6 (1.2%)
BR30 32,266 Increased By 934.6 (2.98%)
KSE100 100,083 Increased By 813.5 (0.82%)
KSE30 31,193 Increased By 160.9 (0.52%)

Seoul shares rose on late Friday bargain-hunting, recovering from an earlier drop as auto shares led by Hyundai Motor plunged due to cost concerns over wage litigation. The Korea Composite Stock Price Index (KOSPI) closed up 0.4 percent at 1,906.75 points, rebounding from a near five-month low closing on Thursday.
"Today's gains were not from any improvement in investor sentiment, but from bargain-hunting after (Thursday's) declines," said Lee Da-seul, an analyst at Korea Investment & Securities. He said investors have recently tended to snap up bargains when the benchmark nears the 1,900-mark, or roughly where KOSPI shares' total price equals their 12-month forward book value.
However, next week's earnings results from major companies as well as local and overseas economic data could buck the trend, Lee added. Auto shares fell, with Hyundai Motor closing down 2.7 percent after a local media report said the automaker could face billions of dollars in extra wage costs as a result of labour litigation. Hyundai Motor affiliates Kia Motors also fell 1.2 percent while Hyundai Mobis dropped 1.3 percent. However, other large-caps were mostly up, with tech shares gaining ground after Thursday's 2.3 percent fall sparked partly by a weak earnings forecast from a key Apple Inc supplier.
Chipmaker SK Hynix gained 3.2 percent and Samsung SDI rose 0.8 percent, although heavyweight Samsung Electronics closed down 0.5 percent. Local retail and institutional investors purchased a net 240.2 billion won ($214 million) worth of KOSPI shares at closing, supporting the index. Declining shares outnumbered gainers 425 to 380. The KOSPI 200 benchmark of core stocks closed up 0.4 percent, while the junior KOSDAQ fell 1.8 percent.

Copyright Reuters, 2013

Comments

Comments are closed.