SEOUL, KOREA – Buoyed up by bullish tech shares and strong foreign buying, the benchmark KOSPI broke the 2,000 mark on Wednesday. Samsung electronics’ shares closed at KRW 1,545,000, up KRW 53,000 (or 3.55%) from Tuesday.
On Wednesday, the KOSPI closed up 1.95 percent at 2,024.64 points, after hovering below the 2,000 threshold for a month.
Korean electrical and electronics manufacturers seemed to have been greatly emboldened by the news that Google’s shares on Tuesday exceeded USD 800 for the first time in five years on the New York Stock Exchange (NYSE).
Following Japanese Prime Minister Shinzo Abe’s remarks on the possibility of Japan’s investment in foreign bonds, the yen-dollar exchange rate slid from the 94 yen range to the 93 yen range, sending Korean auto makers’ stocks higher.
As for Samsung, it was estimated that Samsung Electronics’ shares sharply rallied backed by brisk foreign buying led by Goldman Sachs, Morgan Stanly Seoul, UBS and Credit Suisse Securities (CS Securities).
Sean Chung (hbpark@etnews.com)
**Article provided by etnews [Korea IT News]
[Reference] : http://english.etnews.com/electronics/2715655_1303.html
