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S. Korean stocks close higher on bargain hunting

All News 15:56 December 28, 2017

SEOUL, Dec. 28 (Yonhap) -- South Korea's bourse closed higher Thursday, the last trading session of 2017, as investors sought after undervalued shares amid the rosy outlook over January's market, analysts said. The local currency rose against the U.S. greenback.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 30.82 points, or 1.26 percent, to 2,467.49. Trade volume was light at 194 million shares worth 4.14 trillion won (US$3.87 billion), with gainers outpacing losers 540 to 267. The market will re-open on Tuesday at 10:00 a.m.

Analysts said Seoul shares closed higher as investors focused on scooping up bargains, especially as listed companies are anticipated to post improved earnings report next month.

"Information-technology companies with bright earnings outlooks, will continue to gain ground as electronics products also led the rising sales in the U.S. market for the holiday season," said Seo Sang-young, a researcher at Kiwoom Securities Co.

Foreigners bought more shares than they sold at 179.6 billion won, and institutions also purchased a net 31.7 billion won. Individuals, on the other hand, offloaded 214 billion won.

South Korea's top shipbuilder Hyundai Heavy Industries rebounded 3.72 percent to 100,500 won, after crashing 28.75 percent in the previous session as the firm seeks to issue new shares worth 1.3 trillion won.

Market behemoth Samsung Electronics shot up 3.24 percent to 2,548,000 won, with No. 2 chipmaker SK hynix adding 1.86 percent to end at 76,500 won. Samsung SDI advanced 3.54 percent to 204,500 won.

Chemical shares also closed bullish, with LG Chem increasing 2.66 percent to 405,000 won and LG Household & Health Care rising 1.28 percent to 1,189,000 won. Top cosmetics producer AmorePacific climbed 0.83 percent to 304,500 won.

Carmakers closed mixed, No. 1 player Hyundai Motor falling 0.32 percent to 156,000 won, while Kia Motors added 0.45 percent to 33,500 won. Auto parts maker Hyundai Mobis shed 1.87 percent to 263,000 won.

The local currency closed at 1,070.50 won against the U.S. dollar, up 3.60 won from the previous session.


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