SEOUL– South Korean stocks snapped their three-day losing streak Friday as investors attempted to pick up oversold stocks. The Korean won rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.06 points, or 0.36 percent, to close at 3,125.76 points.
Trading volume was moderate at about 712 million shares worth some 13.4 trillion won (US$11.5 billion), with gainers outnumbering losers 552 to 302.
Foreigners sold a net 520 billion won, while institutions bought 239 billion won. Retail investors purchased a net 282 billion won.
Stocks rebounded after the KOSPI retreated 2.77 percent in the past three sessions on virus concerns and tech losses.
South Korea’s daily coronavirus cases fell back to slightly below 1,900 on Friday after remaining in the 2,000s for two consecutive days.
Tech large caps pared some of the losses from the recent plunge that stemmed from a move to regulate some fintech companies over alleged unfair business customs.
“The recent adjustment in stock prices seem to have increased bottom-fishing,” HI Investment & Securities analyst Park Sang-hyun said.
Market kingpin Samsung Electronics closed unchanged at 75,300 won, and No. 2 chipmaker SK hynix added 1.94 percent to 105,000 won.
Internet portal operator Naver increased 2.76 percent to 410,000 won, and pharmaceutical giant Samsung Biologics gained 1.31 percent to 925,000 won.
Top automaker Hyundai Motor declined 0.96 percent to 206,500 won, and leading chemical firm LG Chem decreased 1.07 percent to 740,000 won.
The local currency closed at 1,169.1 won to the U.S. dollar, up 0.1 won from the previous session’s close.
Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasurys added 0.2 basis point to 1.501 percent, while the return on the benchmark five-year government bond closed unchanged at 1.750 percent.
Source: Yonhap News Agency