Seoul: Stocks gain on improved sentiment in pharma sector

[SEOUL] South Korean shares closed firmer on Wednesday as investors flocked to pharmaceutical stocks following a sharp sell-off in the recent days.

The benchmark KOSPI ended up 16.49 points or 0.86 per cent at 1,941.09.

Despite external factors remained uncertain, rebound of pharmaceutical shares led gains of the broader market, said Lee Young-gon, an analyst at Hana Financial Investment. Investors bought bio shares on views that there would be no further negative issues, Lee added.

The medical sub-index was the biggest percentage gainer among KOSPI sub-indexes, jumping 4.6 per cent. The junior KOSDAQ rose 2.5 per cent, also helped by bullish drugmakers.

Foreigners were net sellers of US$42.80 million worth of shares on the main board on Wednesday.

The KOSPI has fallen 4.90 per cent so far this year, and lost 7.6 per cent in the previous 30 trading sessions.

REUTERS