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S.Korea stocks rally higher as Fed buoys global sentiment, tech giants rally
July 14, 2017 / 2:22 AM / 5 months ago

S.Korea stocks rally higher as Fed buoys global sentiment, tech giants rally

    * KOSPI supported by upbeat sentiment, gains in heavyweights
    * Upward trend to continue for a while - analyst

    SEOUL, July 14 (Reuters) - South Korean shares rallied early
on Friday, tracking a global rally in the wake of dovish Federal
Reserve guidance this week while heavyweights like Samsung
Electronics and SK Hynix continued their gains.
    The Korea Composite Stock Price Index (KOSPI)         was up
0.3 percent at 2,416.04 points as of 0159 GMT.
    "It's just like the previous day. The sentiment is strong -
IT shares are doing well and such a trend is likely to last for
a while, I believe," said Lee Jae-man, a stock analyst at Hana
Financial Investment.
    Tech giant Samsung Electronics             climbed for a
fifth session, reaching as high as 2,554,000 won while SK Hynix
            gained nearly 1 percent.
    Hyundai Motor             rose more than 3 percent.
    Offshore investors were poised to be net sellers, offloading
25.4 billion Korean won ($22.32 million) worth of KOSPI shares
near mid-session. 
    The South Korean won        became slightly weaker against
the dollar. 
    The won            was quoted at 1,138.0, down 0.1 percent
compared with Thursday's close of 1,136.3.
    September futures on three-year treasury bonds         shed
0.04 point to 109.18. 
                       0159 GMT    Prev close
 Dollar/won             1,138.0       1,136.3
 Yen/won             10.0256/17       10.0349
 *KTB futures            109.18        109.22
 KOSPI                 2,416.04      2,409.49
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim; Editing by Sam Holmes)

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