SEOUL: South Korean stocks edged up 0.45 percent Thursday, rising for the third straight day, as fresh optimism for an economic rebound offset worries about Greece’s debt problem, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index climbed 9.44 points, or 0.45 percent, to finish at 2,107.33. Trading volume was heavy at 558.6 million shares worth 6.98 trillion won ($6.21 billion) with gainers outstripping decliners 427 to 370.
Analysts said investors have moved away from the fear of a sovereign default in debt-mired Greece, which awaits its crucial Sunday referendum on a bailout plan offered by international creditors.
“The market is now more interested in second-quarter corporate earnings and the Federal Reserve’s rate cut issue,” said Kim Jeong-hyun, an analyst at IBK Securities Co.
Although the Greek jitters will continue for some time, market consensus is leaning on a bet that the problem will eventually be resolved, he added.
An overnight U.S. market gain lends weight to such a view.
