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Seoul stocks, won extend gains on upbeat U.S. data

All News 15:32 August 28, 2015

SEOUL, Aug. 28 (Yonhap) -- South Korean stocks climbed higher and the Korean won hit a near three-week high on Friday as upbeat U.S. data, coupled with easing jitters over China's slowing growth, gave a boost to investor sentiment here.

The KOSPI advanced 1.56 percent, or 29.67 points, to 1,937.67, climbing for a fourth straight session. Trading volume was moderate at 441 million shares worth 6.4 trillion won (US$5.5 billion), with gainers substantially outnumbering decliners 658 to 153.

Institutional investors drove Friday's rally, but foreigners remained net sellers, extending their selling streak to a 17th straight session. Their longest selling streak was 18 consecutive sessions in May 2012.

"A rebound in the global financial market, aided by stronger-than-expected U.S. data, a rebound in Chinese stocks and a surge in global oil prices, helped somewhat restore investor confidence," said Eric Lee, an analyst at Daishin Securities Co.

The U.S. economy expanded 3.7 percent in the second quarter, growing at a much faster pace than the previously estimated 2.3 percent, according to the latest estimate by the U.S. Commerce Dept.

Shares gained ground across the board. Techs were among the biggest gainers, with Samsung Electronics adding 1.31 percent to 1,081,000 won and chip maker SK hynix rising 3.94 percent to 36,900 won.

Oil refiners moved higher in tandem with overnight gains in oil prices. Industry leader SK Innovation gained 3.61 percent to 100,500 won and No. 3 player S-Oil jumped 4.27 percent to 61,000 won.

Brent crude jumped 10.2 percent, marking its largest daily rise since December 2008. West Texas Intermediate also surged 10.3 percent, posting its biggest daily gain since March 2009.

In contrast, autos ended in the red. Market leader Hyundai Motor sank 2.04 percent to 144,000 won and its sister firm, Kia Motors, fell 1.96 percent to 47,600 won.

Some domestic-focused shares also finished lower, with E-mart, the country's biggest discount retailer, losing 1.49 percent to 231,000 won.

The Korean won closed at 1,173.6 won, up 11.6 won from Thursday's close. It marks its highest closing since 1,163.2 won on Aug. 10.

mil@yna.co.kr
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