Seoul: Stocks rebound on Samsung Elec, Hyundai Motor boost

[SEOUL] South Korean shares rebounded to end higher on Tuesday, marking its sharpest gain since Jan 8, boosted by shares of Samsung Electronics and Hyundai Motor, and upbeat Chinese data from Monday.

The benchmark index KospI closed up 78.73 points, or 2.61 per cent, at 3,092.66.

A 11.2 per cent gain in auto stocks was the biggest boost, with the country's largest carmaker Hyundai Motor surging as much as 8.5 per cent.

Chip giant Samsung Electronics also jumped as much as 3.5 per cent, recovering from its sharpest decline in five months on Monday after its group leader was sentenced to a 30-month jail term.

Kospi rebounded with auto sector widening gains, while hopes for a large-scale stimulus ahead of the Senate testimony of US Treasury Secretary nominee Janet Yellen added to the sentiment, said Kiwoom Securities' analyst Seo Sang-young.

Meanwhile, China's fourth-quarter GDP data on Monday confirmed its economy is expected to maintain resilient growth that could help underpin growth in the region.

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Foreigners were net buyers of US$373.89 million worth of shares on the main board.

REUTERS