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Seoul stocks snap 8-day losing streak on China data, won flat
May 8, 2014 / 6:10 AM / in 4 years

Seoul stocks snap 8-day losing streak on China data, won flat

(For the midday report, please click )

SEOUL, May 8 (Reuters) - Seoul shares rebounded on Thursday, snapping an eight day losing streak as upbeat China exports data for April more than offset foreign capital outflows and programme selling on option expiry day.

The Korea Composite Stock Price Index (KOSPI) closed up 0.6 percent at 1,950.60 points, posting its first daily gain since April 22.

China’s better-than-expected exports and imports growth in April brightened earnings outlook for exporters in South Korea’s largest export market.

Hyundai Mipo Dockyard Co Ltd and Daewoo Shipbuilding & Marine Engineering Co Ltd jumped 6.8 percent and 5.4 percent, respectively.

Offshore investors sold a net 213.9 billion won ($209.2 million)worth of KOSPI shares, while a net 341.9 billion were sold in programme trading via arbitrage and non-arbitrage transactions.

The local currency was quoted at 1,022.6 against the dollar at the end of onshore trade, almost flat from Wednesday’s close at 1,022.5. ($1 = 1022.5500 Korean Won) (Reporting by Jungmin Jang; Editing by Shri Navaratnam)

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