S. Korea`s stock market makes solid comeback in December

SEOUL, Dec. 25 (Yonhap) -- South Korea's stock market came out of its slump and
rallied this month thanks to institutional investors snapping up shares, the
Korea Exchange (KRX) said Friday.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.798 percent in the
first 23 days of December, marking the fifth-highest gain reported among the top
40 stock markets in the world, said the KRX.
Luxembourg's LUXX was the winner, soaring 15.171 percent, while Turkey's ISE
National 100 jumped 12.816 percent. The Netherlands' AEX gained 12.816 percent,
and Ireland's ISEQ index posted gains of 7.85 percent.
"After a poor showing in October and November, demand started to pick up as
institutional operators started to pour money into the bourse, and there was
steady demand by overseas investors," a market analyst said. In South Korea,
program-related buying plays a considerable role in the market.
However, the U.S. market, which usually experiences a "Santa Claus rally" toward
the end of the year, fueled by greater consumption as people buy presents for
Christmas, made limited gains, said the analyst.
The S&P 500 index and the Dow Jones industrial average gained 2.278 percent and
1.175 percent each prior to this month.
The sluggish gains in the U.S. market reflect the slow pace of recovery in the
country that was hit hard by the collapse of Lehman Brothers Holdings Inc. in
2008.
The South Korean bourse operator, in addition, said that markets in Greece,
China, the Czech Republic, Hungary and the Philippines all posted negative growth
in December.
yonngong@yna.co.kr
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