SEOUL: South Korean stocks rallied 1.27 percent Tuesday as investors’ sentiment was boosted by eased uncertainties from home and abroad, analysts said. The South Korean won lost ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index added 26.04 points to 2,081.20. Trading volume was moderate at 324.1 million shares worth 5.21 trillion won ($4.74 billion), with gainers outpacing losers 532 to 264.
Analysts said Seoul shares closed higher amid eased concerns over the outbreak of Middle East Respiratory Syndrome that have been weighing down on the local market.
“Several problems that suppressed the market have been abated, leading the KOSPI to gain ground,” said Kim Hyung-ryeol, an analyst at Kyobo Securities Co. “The MERS and Greece debt issues are expected to be resolved, allowing the index to find its place.”
South Korea had 175 MERS patients with the death toll standing at 27 as of Tuesday. Since its outbreak on May 20, more than 13,000 people have been subject to quarantine, with more than 2,800 still in isolation for possible infection. But the growth of the numbers has significantly slowed in the past few days.
Foreigners offloaded a net 12.5 billion won, and retail investors sold more shares than they bought at 118.64 billion won.
Institutions, in contrast, scooped up a net 144.3 billion won.
Cheil Industries and Samsung C&T, the two Samsung Group units that seek to merge, closed bullish by rising 5.52 percent and 4.2 percent to 181,500 won and 67,000 won, respectively.
Tech shares closed higher, with market behemoth Samsung Electronics moving up 3.12 percent to 1,321,000 won and SK hynix increasing 0.68 percent to 44,150 won. Samsung SDI, Samsung’s IT outsourcer, added 1.71 percent to 119,000 won.
