By PNA / Xinhua and U.S. News Agency / Asian
South Korean shares rebounded for the first time in four sessions Monday as market sentiment was boosted by positive employment data in the United States.
The benchmark Korea Composite Stock Price Index jumped 37.20 points, or 2.01 percent, to close at 1,885.88. Trading volume stood at 242.75 million shares worth 4.13 trillion won (3.66 billion U.S. dollars).
The KOSPI started higher and stayed in positive terrain throughout the session. The U.S. jobs data showed that 163,000 jobs were added in the world’s No.1 economy in July, beating the market consensus of 100,000 jobs created. The unemployment rate, however, rose to 8.3 percent from 8.2 percent.
“The July employment data in the U.S. was much better than market forecast, boosting hopes that the U.S. job market start escaping from the second-quarter weakness,” said Kim Gwang-jae, an economist at NH Investment & Securities in Seoul.
Institutional investors led the rally by purchasing a net 378.4 billion won worth of shares, the fifth consecutive month of net buying. Foreign investors bought a net 162.2 billion won worth of local shares, but retail investors dumped a net 534.5 billion won worth of stocks in a bid to take profits.
Large-cap shares mostly gained ground. Tech and auto shares, which have a big influence on the market due to its large-sized market cap, led the rebound.
Market bellwether Samsung Electronics soared 4.4 percent to 1,298,000 won, and top automaker Hyundai Motor edged up 0.2 percent to 233,500 won.
The nation’s biggest auto parts maker Hyundai Mobis advanced 3.4 percent to 306,000 won.
Chemical shares ended bullish on rising oil prices. Top crude oil refiner SK Innovation jumped 4.8 percent to 163,500 won, and leading chemical firm LG Chem advanced 3.6 percent to 317,000 won.
The world’s largest shipbuilder Hyundai Heavy Industries surged 4. 1 percent to 243,000 won, and memory chip giant SK Hynix gained 3. 8 percent to 21,750 won.
The local currency finished at 1,129.0 won against the greenback, up 5.8 won from Friday’s close.
Bond prices ended mixed. The yield on the liquid three-year treasury notes added 0.01 percentage point to 2.78 percent, but the return on the benchmark five-year government bonds closed steady at 2.87 percent.