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South Korean stocks rose to hit fresh yearly highs Monday as positive U.S. jobs data eased concerns about the pace of an economic slowdown. The Korean won gained against the U.S. dollar.
The benchmark Korea Composite Stock Price Index rose 13.18 points, or 0.65 percent, to close at 2,031.12. Trade volume was slim at 266 million shares worth 4.09 trillion won (US$3.68 billion), with gainers outnumbering losers 420 to 387.
Last Friday, fueled by stronger than expected job data, U.S. stocks set more record highs. But some investors took to the sidelines as the upbeat U.S. jobs data raised the prospects of an interest rate hike by the U.S. Federal Reserve.
"As U.S. economic indicators improve, the possibility of a U.S. rate hike in September is likely to weigh on the stock market," said Cho Byung-hyun, a market analyst at Yuanta Securities.
Sentiment was also cautious as China, South Korea's No. 1 export destination, reported more declines in its July exports and imports.
Foreign investors were net buyers of stocks worth 79.6 billion won.
Samsung Electronics rose 0.51 percent to end at 1,569,000 won, and AmorePacific, the No. 1 cosmetics maker, gained 4.55 percent to 379,500 won.
Top carmaker Hyundai Motor was flat at 133,000 won and its smaller affiliate Kia Motors was also unchanged at 40,900 won.
POSCO, the No. 1 steelmaker, fell 3.39 percent to close at 214,000 won after the U.S. Commerce Department decided to levy anti-dumping duties on hot-rolled flat steel from the South Korean steelmaker last Friday.
Global credit appraiser Standard & Poor's raised South Korea's sovereign rating one notch to a record high of AA from AA- on Monday, citing the country's steady growth and flexible fiscal and monetary policies, with a stable rating outlook.
Upon the news, the local currency was closed at 1,108.3 won against the U.S. dollar, up 2.1 won from the previous session's close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys gained 2.1 basis point to 1.246 percent and the return on the benchmark five-year government bond added 2.7 basis points to 1.273 percent. (Yonhap)
The benchmark Korea Composite Stock Price Index rose 13.18 points, or 0.65 percent, to close at 2,031.12. Trade volume was slim at 266 million shares worth 4.09 trillion won (US$3.68 billion), with gainers outnumbering losers 420 to 387.
Last Friday, fueled by stronger than expected job data, U.S. stocks set more record highs. But some investors took to the sidelines as the upbeat U.S. jobs data raised the prospects of an interest rate hike by the U.S. Federal Reserve.
"As U.S. economic indicators improve, the possibility of a U.S. rate hike in September is likely to weigh on the stock market," said Cho Byung-hyun, a market analyst at Yuanta Securities.
Sentiment was also cautious as China, South Korea's No. 1 export destination, reported more declines in its July exports and imports.
Foreign investors were net buyers of stocks worth 79.6 billion won.
Samsung Electronics rose 0.51 percent to end at 1,569,000 won, and AmorePacific, the No. 1 cosmetics maker, gained 4.55 percent to 379,500 won.
Top carmaker Hyundai Motor was flat at 133,000 won and its smaller affiliate Kia Motors was also unchanged at 40,900 won.
POSCO, the No. 1 steelmaker, fell 3.39 percent to close at 214,000 won after the U.S. Commerce Department decided to levy anti-dumping duties on hot-rolled flat steel from the South Korean steelmaker last Friday.
Global credit appraiser Standard & Poor's raised South Korea's sovereign rating one notch to a record high of AA from AA- on Monday, citing the country's steady growth and flexible fiscal and monetary policies, with a stable rating outlook.
Upon the news, the local currency was closed at 1,108.3 won against the U.S. dollar, up 2.1 won from the previous session's close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys gained 2.1 basis point to 1.246 percent and the return on the benchmark five-year government bond added 2.7 basis points to 1.273 percent. (Yonhap)
