Seoul: Shares end higher on surprise factory output data

[SEOUL] South Korean shares rose on Wednesday, ending the month with the sharpest monthly gain in 11 years, as its factory output unexpectedly rose, while higher oil prices also aided sentiment.

The KOSPI closed up 13.47 points, or 0.70 per cent, at 1,947.56. The index rose 10.99 per cent in April, the sharpest monthly gain since July 2009. The country's financial markets will be closed on Thursday and Friday for public holidays.

Stock prices gained on solid factory data and a surge of US futures and oil prices, Kiwoom Securities' analyst Seo Sang-young said, adding that further gains were capped as investors stayed cautious ahead of holidays. 

While South Korea's March factory output jumped by the most in 11 years on higher demand due to factory shutdowns in China, oil prices rose as US stockpiles rose less-than-expected and nations moved to ease restrictions.

Foreigners were net buyers of US$191.86 million worth of shares on the main board.

The KOSPI has fallen 11.38 per cent so far this year.

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The trading volume was 1,968.12 million shares. Of the total traded issues of 895, the number of advancing shares was 570.

REUTERS