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Korean stocks up 0.44 pct on techs, steelmakers

All Headlines 15:25 April 06, 2016

SEOUL, April 6 (Yonhap) -- South Korean stocks rose 0.44 percent on Wednesday as foreign investors opted to buy large cap shares such as tech firms and steelmakers, despite overnight falls in Wall Street, analysts said. The local currency fell slightly against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.58 points to close at 1,971.32. Trade volume was moderate at 319 million shares worth 4.29 trillion won (US$3.71 billion), with gainers outnumbering losers 416 to 402.

The market opened higher on the back of a slight rebound in global oil prices, and expanded its upward march on the back of foreign buying.

"Demand for risky assets may rebound as hopes for a global economic recovery will fuel foreign buying," said Kim Sung-hwan, an analyst at Bookook Securities.

Foreign investors scooped up a net 118 billion won worth of local stocks.

Tech firms, steelmakers and refiners led the overall market gain, while automakers and financials suffered a decline.

Tech giant Samsung Electronics added 1.98 percent to end at 1,285,000 won ahead of its first-quarter earnings guidance to be released on Thursday.

Top steelmaker POSCO jumped 5.68 percent to end at 232,500 won, and top refiner SK Innovation gained 1.5 percent to end at 169,000 won.

In contrast, top carmaker Hyundai Motor shed 0.35 percent to 144,000 won, and its smaller affiliate Kia Motors fell 0.22 percent to 45,350 won.

No. 1 cosmetics maker AmorePacific fell 0.5 percent to end at 396,500 won.

The local currency closed at 1,156.10 won against the U.S. greenback, down 1 won from the previous session's close.

sam@yna.co.kr
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