Seoul:South Korean stocks ended slightly higher as investors snapped up major technology stocks on bargain hunting, counterbalancing concerns over rising interest rates and oil prices. The Korean won gained against the U.S. dollar.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) rose by 32.39 points, or 0.45 percent, closing at 7,003.74 after an initial lower opening.
In the U.S. market, stocks closed modestly higher as benchmark Treasury yields eased from recent multi-decade highs, though gains were limited by rising crude oil prices. The Dow Jones Industrial Average increased by 0.04 percent, the S&P 500 gained 0.19 percent, and the Nasdaq composite added 0.04 percent.
Trade volume in Seoul was light at 227.64 million shares valued at 15.29 trillion won (US$11.32 billion), with more stocks advancing than declining by 500 to 359. Foreigners and individuals sold a net 143.78 billion won and 1.72 trillion won, respectively, while institutions purchased a net 381.38 billion won.
Han Ji-young, an analyst at Kiwoom Securities, commented that the domestic stock market is currently influenced by macroeconomic uncertainties, including rising interest rates and oil price volatility. However, there is optimism for an earnings recovery, which is providing upward momentum.
Market performance was mixed among major players. Samsung Electronics remained unchanged at 276,000 won, while SK hynix saw an increase of 0.44 percent to 1.84 million won. SK Square, the parent company of SK hynix, rose 0.43 percent to 1.16 million won, and Samsung Electro-Mechanics, an affiliate of Samsung Electronics, went up 1.28 percent to 1.58 million won.
The Korean won was quoted at 1,350.6 won against the U.S. dollar by 330 p.m., marking an increase of 7.8 won from the previous session's close.