South Korean Shares Close Higher
Friday May 13, 3:27 am ET
South Korean Shares Close Slightly Higher Led by Technology Stocks
SEOUL, South Korea (AP) -- South Korean shares closed slightly higher Friday as a strong appetite for technology stocks erased earlier losses led by declining energy and steel stocks, market participants said.
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"Lingering concerns over North Korea's nuclear ambitions and speculation about the yuan's revaluation weren't strong enough to hurt foreign investors' interest in technology stocks," said Park Shee-Young, an analyst at Korea Investment & Securities.
Analysts said demand for technology stocks was spurred by anticipation of an earnings turnaround in the industry in the second half.
The Korea Composite Stock Price Index, or Kospi, closed up 1.98 points, or 0.2 percent, to 923.19, after hitting its intraday low of 910.72 earlier in the session.
Volume rose to 287.1 million shares valued at 1.8 trillion won (US$1.8 billion; euro1.4 billion) from 301.3 million shares worth 1.6 trillion won Thursday.
Decliners slightly beat gainers 370 to 344, with 74 stocks unchanged. Four stocks rose by the daily limits of 15 percent and three were limit-down.
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