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S.Korean shares rise on upbeat G2 economic data

English.news.cn   2014-06-24 16:37:34

SEOUL, June 24 (Xinhua) -- South Korean shares rose Tuesday, after ending in positive territory in the prior day, as upbeat manufacturing data from the United States and China, South Korea's top two trading partners, boosted market sentiment.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 19.43 points, or 0.98 percent, to close at 1,994.35. Trading volume stood at 241.51 million shares worth 3.55 trillion won (3.49 billion U.S. dollars).

The preliminary Purchasing Managers' Index (PMI) for U.S. manufacturers recorded 50.8 in June, the highest since May 2010, according to market information provider Markit. The manufacturing PMI for China rose above 50 for the first time in six months in June. The PMI above 50 indicates an expansion in manufacturing activities.

The upbeat indicators from the Group of 2 (G2) nations bolstered expectations for faster growth of South Korea's exports, which account for around half of the economy.

Institutional investors, especially pension funds, led the market advance by purchasing stocks worth 228.6 billion won. Retail investors dumped shares worth 253 billion won, but foreigners kept buying for two sessions in a row by snapping up local stocks worth 28.7 billion won.

Most large-cap shares gained ground. Market bellwether Samsung Electronics rose 1.7 percent, and memory chip giant SK Hynix advanced 2.9 percent. Top automaker Hyundai Motor climbed 2.3 percent, and its affiliate Kia Motors added 0.6 percent.

The nation's biggest web search engine Naver edged down 0.1 percent, but the state-run power provider Korea Electric Power Corp. jumped 3.6 percent. Leading display maker LG Display soared 3.5 percent, and its holding company LG surged 4.2 percent.

The South Korean currency finished at 1,018.4 won against the greenback, up 0.1 won from Monday's close.

Bond prices ended higher. The yield on the liquid three-year treasury notes lost 0.01 percentage point to 2.68 percent, and the return on the benchmark 10-year government bonds finished fell 0. 02 percentage point to 3.22 percent.

Editor: Xiang Bo
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