South Korean shares rose on Friday tracking a rally in global markets after Greece moved a step closer to securing a bailout package and on hopes of further easing in China following lower-than-expected inflation data. The Korea Composite Stock Price Index (KOSPI) gained 0.88 percent to close at 2,018.30 points, but still posted a weekly decline of 0.8 percent.
Tech heavyweight Samsung Electronics, which alone accounts for ten percent of KOSPI's total market capitalisation, soared 4.24 percent to set a new all-time closing high of 1.23 million won ($1,099.84) on rosy first quarter expectations. "Worries about Greek debt have eased and investors are also starting to feel that concerns of slower growth in China were exaggerated, helping the index continue to regain its footing after falling as low as 1,966 earlier in the week," said Kim Byung-yeon, an analyst at Woori Investment & Securities.
Hyundai Mipo Dockyard was the highlight performer among shipbuilders, rising 3.79 percent with analysts foreseeing a demand surge for platform supply vessels (PSV) as replacements are sought for the aging global fleet. LG Innotec rallied for a second straight day, up 6 percent during early trade before easing back to close out the day with a 2.99 percent gain. Analysts have forecast a better-than-expected first quarter comeback due to strong demand for mobile phone components.
Trading was choppy with 407.4 million shares exchanging hands in the market on Friday, the lowest turnover volume recorded in over six weeks. Gainers outnumbered losers 444 to 350. The KOSPI 200 index climbed 1.05 percent while the junior, tech-heavy KOSDAQ index rose 0.71 percent.
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