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7 months ago
S.Korea stocks near 6-week high, Samsung Elec hits record, won firms
December 8, 2016 / 3:37 AM / 7 months ago

S.Korea stocks near 6-week high, Samsung Elec hits record, won firms

2 Min Read

* Foreign investors are driving KOSPI gains -analyst
    * Samsung Electronics rises to fresh record

    SEOUL, Dec 8 (Reuters) - South Korean shares rose more than
1 percent on Thursday to their highest in nearly six weeks,
buoyed by fresh gains on Wall Street and in index heavyweight
Samsung Electronics Co..
    The Korea Composite Stock Price Index (KOSPI) was up
1.07 percent at 2013.12 points as of 0316 GMT and looked set to
post its third straight day of gains.
    Shares of Samsung Electronics hit a new all-time high of
1,801,000 won earlier in the session and were trading at
1,788,000 won by midday, up 0.9 percent from the previous close.
    "Foreign investors are driving the rise, and overnight gains
from the U.S. is giving the local shares some big boost.
Investors are bullish about Samsung Electronics in particular as
many sees its profit to rise when the new product gets
released," Oh Hyun-seok, an analyst with Samsung Securities
said. 
    Foreign investors net purchased 181.5 billion Korean won 
($156.98 million) worth of KOSPI shares near mid-session,
supporting the index.
    Advancers outnumbered decliners 539 to 257.  
    The South Korean won gained 0.92 percent to 1,157.2
near mid session.
    December futures on three-year treasury bonds added
0.07 points to 109.38.
    Investors appeared little fazed by remarks from South Korea'
finance ministry, which said it is concerned about further risks
to the economy from "domestic issues", as parliament prepares to
hold an impeachment vote on South Korean President Park Geun-hye
on Friday. 

     
    
                       0316 GMT    Prev close
 Dollar/won             1,157.2       1,167.9
 Yen/won                10.1955       10.1711
 *KTB futures            109.38        109.30
 KOSPI                  2013.12      1,991.89
 * Front-month futures on three-year treasury bonds

($1 = 1,156.2000 won)

 (Reporting by Cynthia Kim; Editing by Kim Coghill)

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