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S.Korean stocks rise as Samsung Group units rally, won firms
June 3, 2014 / 6:13 AM / 4 years ago

S.Korean stocks rise as Samsung Group units rally, won firms

(For the midday report, please click )

SEOUL, June 3 (Reuters) - South Korean shares rose on Tuesday as an initial public offering plan by Samsung Everland prompted some investors to pick up affiliates of Samsung Group, while the won firmed modestly on demand from exporters.

The Korea Composite Stock Price Index (KOSPI) closed up 0.3 percent at 2,008.56 points after falling as low as 1,990.72 earlier in the session.

Samsung Everland Inc, a key holding firm within Samsung Group, said on Tuesday it is planning an IPO next year. Following the news, Samsung Electronics Co Ltd and Samsung SDI Co Ltd rose 1 percent and 4.3 percent, respectively.

Foreign investors bought a net 26 billion won ($25.39 million) worth of KOSPI shares, extending their net buying streak to a 16th session.

The won currency was quoted at 1,023.1 versus the dollar at the end of onshore trade, up 0.1 percent from Monday’s 1,024.1.

Local financial markets will be closed on Wednesday for elections and reopen on Thursday. ($1 = 1024.0000 South Korean Won) (Reporting by Jungmin Jang; Editing by Kim Coghill)

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