Seoul: Stocks gain on recovery hopes; eyes on corporate earnings, Fed
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[SEOUL] South Korean shares closed higher on Monday as optimism about a global economic recovery lifted sentiment, with investors now eyeing corporate results and the outcome of the US Federal Reserve's meeting.
The benchmark Kospi ended 31.43 points, or 0.99 per cent, higher at 3,217.53, extending gains to a third straight session.
Early April manufacturing activity indicators out last week pointed to a robust start to the second-quarter with data hitting record highs in the United States and signalling an end to Europe's double-dip recession.
The Bank of Korea will release its first quarter GDP data early on Tuesday.
Among heavyweights, chip giant Samsung Electronics rose 0.8 per cent, while battery makers LG Chem and Samsung SDI added 1.03 per cent and 2.84 per cent, respectively.
Foreigners were net buyers of US$351.92 million worth of shares on the main board.
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