South Korea's benchmark KOSPI index closed up 1.3 percent on the busiest trading day in more than 2-1/2 years to mark a seventh consecutive week of gains as robust US economic data and hopes for a Greek bailout prompted foreign investors to resume buying. Exporters rallied after upbeat US economic data pointed to further signs of resilience and steady recovery in the world's largest economy and a major destination for South Korean exports.
"The rally was focused on large caps today, especially car makers and technology companies since they include many of South Korea's biggest exporters that would obviously derive the most benefit from the prospect of a recovery in the US economy," said Korea Investment & Securities analyst Kim Chul-joong. KIA Motors Corp, the eighth best-selling automobile brand in the United States, soared 4.35 percent, while LG Display, a key supplier of LCD panels for Apple Inc's iPhone and iPad devices, gained 3.73 percent.
Samsung Electronics Co Ltd, which accounts for 10 percent of the KOSPI's total market capitalisation, climbed 3.61 percent to an all-time closing high of 1,176,000 won. The Korea Composite Stock Price Index (KOSPI) closed up 1.3 percent at 2,023.47, easing back slightly from a six-month intraday high of 2,031.40 earlier in the session. A total 724.6 million shares exchanged hands on Friday, the heaviest session in more than 2-1/2 years. Winners outnumbered decliners 529 to 310. The KOSPI 200 index rose 1.5 percent, while the junior, tech-heavy KOSDAQ gained 0.9 percent.
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