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S.Korea stocks rise on foreign buying as Deutsche Bank woes ease
October 4, 2016 / 3:16 AM / a year ago

S.Korea stocks rise on foreign buying as Deutsche Bank woes ease

* KOSPI edges up on foreign demand
    * Samsung Elec's earnings guidance expected on Oct. 7

    SEOUL, Oct 4 (Reuters) - South Korean shares edged up on
Tuesday, helped by foreign demand as investors placed their bets
on a reduced U.S. fine on German lender Deutsche Bank
.
    The Korea Composite Stock Price Index (KOSPI) rose
0.5 percent to 2,054.45 points at 0240 GMT.
    "Market participants, especially foreigners, are buying
local equities again as they believe the Deutsche Bank issue has
quieted down a fair bit," said Kim Ye-eun, a stock analyst at
LIG Investment & Securities.
    Deutsche Bank is seeking to reach a settlement before next
month's U.S. presidential election, over a multi-billion dollar
penalty for mis-selling mortgage-backed securities, but its
shares continued to fall on Monday after recovering from a
record low at the end of last week. 
    Samsung Electronics Co Ltd's third-quarter
earnings guidance, expected to be released on Oct. 7, is also
partly supporting the main bourse, Kim said.
    Samsung Electronics shares gained more than 1 percent.
    Offshore investors were poised to be net buyers, purchasing
79.7 billion Korean won ($72.29 million) worth of KOSPI shares
near mid-session.
    SK Hynix Inc rose more than 3 percent on
investors' expectations about its positive September quarter
earnings.
    Advancers far outnumbered decliners 510 to 298.
    The South Korean won traded slightly weaker, at
1,103.4 against the dollar, down 0.2 percent compared to the
previous close of 1,101.3.
    December futures on three-year treasury bonds shed
0.06 point to 110.91. 
    
                       0240 GMT    Prev close
 Dollar/won             1,103.4       1,101.3
 Yen/won             10.7728/45       10.8490
 *KTB futures            110.91        110.97
 KOSPI                 2,054.45      2,043.63
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim; Editing by Amrutha Gayathri)

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