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S.Korea stocks jump as investors hunt for bargains; N.Korea fears recede
September 11, 2017 / 2:48 AM / 12 days ago

S.Korea stocks jump as investors hunt for bargains; N.Korea fears recede

    * KOSPI gains over 1 pct driven by techs, chemicals
    * Yet early to say the risks are gone, but not going to get
worse -analyst

    SEOUL, Sept 11 (Reuters) - South Korean shares rebounded to
their highest in more than a week early on Monday, driven by
heavy buying in tech shares, while jitters from geopolitical
risks around North Korea have quietened down. 
    North Korea warned earlier on the day the United States
would pay a "due price" for spearheading a U.N. Security Council
resolution against its latest nuclear test, which the markets
pretty much ignored.             
    The Korea Composite Stock Price Index (KOSPI)         was up
0.8 percent at 2,362.80 points as of 0241 GMT. The index touched
as high as 2,369.72 points. 
    "It's too early to say the risks are gone, but one thing for
sure is that market players now think the situation won't get
worse as it did some weeks ago," said Lee Kyung-min, a stock
analyst at Daishin Securities.
    Lee added that many foreign investors and domestic
institutions are purchasing tech and chemicals shares as
quarterly earning season nears.
    "There will be more and more bargain-hunting ahead of
earnings releases for the third quarter, and those shares on the
rise for today are expected to be in the lead."
    Tech giant Samsung Electronics             jumped over 2
percent while the overall electric and electronics shares
        gained 1.9 percent. 
    The chemical industries sub-index         was up 1.4
percent. 
    Offshore investors purchased a net 4 billion Korean won
($3.55 million) worth of KOSPI shares near mid-session.
    Advancers outnumbered decliners 417 to 366.  
    The South Korean won            was a tentative 1,127.8 to
the dollar as the greenback recovered, barely changed from
Friday's close of 1,127.5.
    September futures on three-year treasury bonds         shed
0.01 point to 109.30. 
    
                       0241 GMT    Prev close
 Dollar/won             1,127.8       1,127.5
 Yen/won             10.3970/00       10.4821
 *KTB futures            109.32        109.33
 KOSPI                 2,362.80      2,343.72
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim)
  

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