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2 years ago
S.Korea shares, won gain on hopes global economy can shake off chill
November 3, 2015 / 2:58 AM / 2 years ago

S.Korea shares, won gain on hopes global economy can shake off chill

* KOSPI up 0.5 pct, extending rebound from 4-day slide
    * Won inches up, along with regional peers

    SEOUL, Nov 3 (Reuters) - South Korean shares rose early on
Tuesday in line with other markets, encouraged by a rise in U.S.
orders and stronger-than-expected factory activity in Germany.
    The Korea Composite Stock Price Index (KOSPI) was up
0.5 percent at 2,044.74 points as of 0233 GMT, after its first
rise in five sessions on Monday. Gainers outnumbered losers by
12 to 10.
    Global manufacturing growth accelerated to a seven-month
high in October but remained muted despite factories cutting
their prices at the steepest rate since May 2013, a business
survey showed on Monday. 
    While factory activity in China, South Korea's biggest
market, and much of the rest of Asia remained weak, prolonged
declines showed some signs of easing.
    Traders in Seoul also looked to Europe, another of South
Korea's top export destinations, where factories continued to
grow at a modest pace. 
    "If the euro zone maintains its sturdy growth, it will
benefit South Korea's exports eventually," said Kang Hyun-gie, a
stock analyst at Dongbu Securities.
    Companies sensitive to cyclical economic trends led the
market. Steel maker POSCO rose 5.3 percent to
189,000 while petrochemicals producer Hanwha Chemical Corp
 was up 2.0 percent to 22,550.
    Despite an official denial, Daewoo Shipbuilding & Marine
Engineering soared 7.7 percent to 7,050 on market
talk that its creditors were trying to sell the financially
troubled shipbuilder to SK Group. 
    In the currency market, the South Korean won rose 0.2
percent on the day to 1,134.6 per dollar in line with strength
in some of the region's major currencies. 
    December futures on three-year treasury bonds shed
0.04 points to 109.57 after data showed early in the day annual
inflation in October edged up to an 11-month high of 0.9 percent
on the back of the recovering domestic demand. 
                       0233 GMT    Prev close
 Dollar/won             1,134.6       1,137.0
 Yen/won             9.3938/051        9.4170
 *KTB futures            109.57        109.61
 KOSPI                 2,044.74      2,035.24
 * Front-month futures on three-year treasury bonds

 (Reporting by Yeonsoo Kwak; Editing by Choonsik Yoo & Kim
Coghill)

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