Monexnews - South Korea's index closed up 1.4% to 269.80 due to technology and financial stocks rebound. Analysts attributed the increase to "technical rebound" after the stock fell sharply.
Markets wait for further development of the Greek debt problems and the outcome of the Fed meeting on Wednesday. "In review of the valuation is too low, technology stocks have more room to weaken from current levels, at least for the short term. However, if the results come out lower than forecast, then the stock may continue to weaken," according to the KTB Securities analyst, Park Seok-hyun.
Samsung Electronics soared 1.8% to KRW814, 000, LG Electronics surged 4.7% to KRW82, 300 and Hynix rose 2.8% to KRW25, 900. Auto stocks were also higher due to positive earnings forecasts, with Hyundai Motor rose 1.1% to KRW230, 000, while Kia Motors gain 0.3% to KRW68, 400. KB Financial jumped 5.4% to KRW51, 000 and Woori Finance rose 4.8% to KRW13, 000 due to the purchase of foreign investors.
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