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| The main KOSPI stock index is displayed at a Hana Bank branch in Seoul, March 2. Yonhap |
Korean stocks closed higher Thursday, snapping a two-day losing streak, as data suggesting China's economic recovery from the COVID-19-driven slowdown helped spur investor appetite for risky assets. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 15 points, or 0.62 percent, to close at 2,427.85. Trading volume was moderate at 422.3 million shares worth 9.6 trillion won ($7.3 billion), with gainers outpacing decliners 495 to 389.
"The January manufacturing data in China came as a surprise, which gave a boost to the anticipation over an economic recovery in China following its COVID-19 reopenings," said Han Ji-young, an analyst at Kiwoom Securities.
But selling pressure is still strong on worries that the U.S. Federal Reserve will likely stick to its aggressive interest rate hikes for some time, Han said.
Data released Wednesday showed that the manufacturing activity in Asia's largest economy posted its highest improvement in more than a decade in February, with the services sector also showing a strong performance.
China, Korea's biggest trading partner, reopened the economy in November last year in an easing of COVID-19 restrictions.
In Seoul, blue chip steelmakers and energy companies led the KOSPI's gain.
Steel giant POSCO Holdings shot up 5.87 percent to 337,000 won on growing expectations it will benefit from China's COVID-19 reopening. Top refiner SK Innovation spiked 6.93 percent to 160,500 won.
Top-cap Samsung Electronics rose 0.33 percent to 60,800 won, and No. 1 battery maker LG Energy Solution gained 2.29 percent to 535,000 won.
IT firms lost ground. Internet portal provider Naver dropped 1.2 percent to 206,000 won, and platform giant Kakao fell 1.92 percent to 61,200 won.
The local currency ended at 1,315.6 won against the U.S. dollar, up 7 won from Tuesday's close.
Local financial markets were closed Wednesday for the March 1 Independence Movement holiday, marking a 1919 uprising against Japan's colonial rule. (Yonhap)
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