SEOUL: South Korean stocks closed 0.47 percent higher Thursday to end a three-day losing streak as investors scooped up large-cap shares on hopes for an additional rate cut, analysts said. The local currency declined sharply against the U.S. greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.7 points to 2,072.86. Trade volume was moderate at 395.2 million shares worth 7.3 trillion won (US$6.6 billion), with losers outnumbering gainers 442 to 364.
South Korean stocks closed 0.47 percent higher Thursday to end a three-day losing streak as investors scooped up large-cap shares on hopes for an additional rate cut, analysts said. The local currency declined sharply against the U.S. greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.7 points to 2,072.86. Trade volume was moderate at 395.2 million shares worth 7.3 trillion won (US$6.6 billion), with losers outnumbering gainers 442 to 364.
“This week the market was hit hard by concerns about slowing exports and the fast-spreading Middle East Respiratory Syndrome (MERS),” said Bae Sung-young from Hyundai Securities Co. “Due to the poor economic situation, there are rising demands for a rate cut.”
