S. Korean stocks rebound 1.72 pct amid hopes of virus outbreak peaking, China data

SEOUL, April 14 (Yonhap) -- South Korean stocks rebounded 1.72 percent higher Tuesday as investor sentiment was buoyed by hopes the global coronavirus outbreak is peaking and better-than-expected Chinese data. The Korean won gained ground against the greenback.

The benchmark Korea Composite Stock Price Index (KOSPI) shot up 31.32 points to close at 1,857.08. Trading volume was heavy at 872 million shares worth 9.8 trillion won (US$8.1 billion), with gainers far outpacing losers 757 to 106.

The country reported 27 new cases of COVID-19 on Tuesday, bringing the nation's total infections to 10,564, according to the Korea Centers for Disease Control and Prevention. The new coronavirus cases stayed below 30 for the second straight day.

"Investor sentiment improved as Chinese export data for March came out better than expected," said Lee Kyung-min, a researcher at Daishin Securities Co., adding the Chinese economy is showing signs of recovery.

Foreigners continued to offload local stocks for the 29th consecutive session, dumping 14.7 billion won. Individuals also offloaded 429.3 billion won on profit booking, while institutions alone scooped up a net 427 billion won.

Most large-cap shares closed higher.

Tech shares were bullish, with top market cap Samsung Electronics gaining 1.45 percent to 49,000 won and No. 2 chipmaker SK hynix adding 1.11 percent to 82,300 won. Battery maker Samsung SDI jumped 4.14 percent to 251,500 won.

Leading carmaker Hyundai Motor was up 2.25 percent to 100,000 won, and its sister company Kia Motors added 1.19 percent to 29,850 won. Auto parts maker Hyundai Mobis increased 1.44 percent to 176,500 won.

Bio shares were also higher. Pharmaceutical firm Bukwang Pharm skyrocketed 24.49 percent to 27,700 won on news it has won approval for clinical trials of its treatment drug for the novel coronavirus.

The local currency closed at 1,217.3 won against the U.S. dollar, up 0.6 won from the previous session's close.

khj@yna.co.kr
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