Reuters logo
S.Korea stocks bounce back to 6-yr high on upbeat exports, won also up
May 2, 2017 / 2:35 AM / 5 months ago

S.Korea stocks bounce back to 6-yr high on upbeat exports, won also up

    * S.Korea's April exports growth fastest in 6 yrs
    * Investors regard firm exports as a sign for strong Q2
-analyst
    * Won gains on high foreign stock purchase, Trump comments
on N.Korea

    SEOUL, May 2 (Reuters) - South Korean shares bounced back to
six-year highs on Tuesday as April exports rose at a much
faster-than-expected pace, boosting investment sentiment.
            
    Gains were also supported by optimism that the economy could
pick up steam after the presidential election on May 9. 
    The Korea Composite Stock Price Index (KOSPI)         rose 
0.9 percent to 2,226.18 points as of 0216 GMT. It touched a high
of 2,229.74, the strongest level since April 27, 2011.
    "Market participants seem to believe April's robust exports
are a sign for another strong quarter in the April-June period,"
said Kim Ji-hyung, a stock analyst at Hanyang Securities.
    Kim added that though there might be some profit-taking in
coming days, the KOSPI is likely to climb higher on foreign
buying.
    Foreign investors were set to be strong net buyers,
purchasing 135.6 billion Korean won ($119.93 million) worth of
KOSPI shares near mid-session.
    Tech giant Samsung Electronics             looked set to
exend its winning streak to a seventh straight session, rising
nearly 1 percent.
    Shares of securities companies also gained. Samsung
Securities             rose nearly 3 percent and Shinyoung
Securities             1 percent.
    Advancers outnumbered decliners 403 to 371.
    The South Korean won        also strengthened on demand for
local equities, while comments by U.S. President Donald Trump
were seen as easing ongoing tensions between the United States
and North Korea. 
    Trump on Monday opened the door to meeting North Korea's Kim
Jong Un, saying he would be honored to meet the young leader
under the right circumstances.             
    The won            was quoted at 1,130.6 against the dollar,
up 0.6 percent compares to the previous close of 1,137.9.
    June futures on three-year treasury bonds         shed 0.06
point to 109.38. 
    
                       0216 GMT    Prev close
 Dollar/won             1,130.6       1,137.9
 Yen/won             10.1005/67       10.1618
 *KTB futures            109.38        109.44
 KOSPI                 2,226.18      2,205.44
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Kim Coghill)
  

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below