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S. Korean shares rise on global economic recovery


SEOUL, (Xinhua) -- South Korean shares rose on Tuesday as foreign investors snapped up local stocks on expectations that the global economy was recovering following positive economic data in China and Europe.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 8. 93 points, or 0.46 percent, to close at 1,933.74, the highest in around three months. Trading volume stood at 293.84 million shares worth 3.97 trillion won (3.62 billion U.S. dollars).

A manufacturing index in the euro area advanced more than expected, and the Chinese service industry index confirmed that the world's No. 2 economy was recovering.

Concerns over the Syrian crisis eased on speculation that the U. S. strike against the Middle Eastern country would be delayed. Asian stocks turned upward on eased worries about financial crisis in emerging economies, especially India and Indonesia.

The Japanese stocks jumped 3 percent on the weak yen trend that would raise the value of overseas earnings by Japanese exporters when repatriated.

Foreign investors bought local stocks worth 214 billion won, keeping their buying streak for the eighth straight session. Retail investors sold a net 284 billion won worth of shares in a bid to lock in profits, but local institutions bought stocks worth 57 billion won.

Large-cap shares, excluding auto and tech firms, gained ground. Market bellwether Samsung Electronics fell 1 percent, and top automaker Hyundai Motor declined 0.8 percent due to the ongoing labor strikes. The nation's No.2 carmaker Kia Motors and the No.1 auto parts maker Hyundai Mobis fell around 1 percent.

The world's largest shipbuilder Hyundai Heavy Industries gained 1.3 percent, and leading chemical firm LG Chem advanced 1.4 percent. Leading banking groups KB Financial Group and Shinhan Financial Group climbed over 2 percent.

The South Korean currency finished at 1,097.9 won against the greenback, up 2.6 won from Monday's close.

Bond prices ended lower. The yield on the liquid three-year treasury notes rose 0.01 percentage point to 2.93 percent, and the return on the benchmark 10-year government bonds added 0.01 percentage point to 3.60 percent.



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