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S. Korean shares jump 1.7 pct to close above 2,000-point level

All News 15:14 April 14, 2016

SEOUL, April 14 (Yonhap) -- South Korean shares rallied 1.74 percent Thursday amid growing expectations of a recovery in the Chinese economy. The local currency sharply fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) jumped 34.53 points to 2,015.85. Trade volume stood at 456 million shares worth 6.3 trillion won (US$5.4 billion), with gainers outnumbering losers 472 to 337.

The KOSPI's upswing came a day after China released strong trade data. Its exports soared 11.5 percent on-year in March.

The KOSPI tracked Wall Street, which was boosted by the better-than-expected earnings of JPMorgan Chase & Co. The European market also fared well.

Many agree that the results of South Korea's general elections, held Wednesday, had a limited impact on the local stock market here.

Market heavyweight Samsung Electronics climbed 1.96 percent to 1,300,000 won, and top carmaker Hyundai Motor added 2.36 percent to 152,000 won.

State-run Korea Electric Power Corp. was up 0.85 percent to 59,500 won, and leading steelmaker POSCO rose 3.93 percent to 247,500 won. Industry leader KB Financial Group soared 4.67 percent to 33,650 won.

Market watchers struck an upbeat note on the local equity market.

"The KOSPI showed a lackluster trend in the recent 2-3 weeks due to the expansion of a valuation burden. But we maintain a positive view on the KOPSI," said Kwak Hyun-soo, an analyst at Shinhan Investment Corp.

South Korea's won finished at 1,156.70 against the greenback, down 10.90 won from the previous session's close.


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