Seoul Shares Rise on Tech Gains Amid Foreign Interest

Seoul: South Korean shares closed higher for a third consecutive session Tuesday, buoyed by gains in technology stocks and continued foreign buying. The local currency, however, weakened against the U.S. dollar. According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) gained 10.16 points, or 0.39 percent, to close at 2,633.45. The market responded positively to the overnight success of U.S. stocks, which saw the Dow Jones Industrial Average surpass the 43,000 mark for the first time, closing at 43,065.22-a 0.47 percent increase. Similarly, the S and P 500 set a new record, finishing at 5,859.85. Trading volume on the KOSPI was recorded at 430 million shares, valued at approximately 9.72 trillion won (US$7.14 billion). Despite the overall positive trends, more stocks declined than advanced, with 445 losers to 418 gainers in the session. Foreign investors played a significant role, remaining net buyers for the second consecutive day and purchasing a net 280 billion won worth of shares. Retail investors, on the other hand, sold off 346.7 billion won, while institutional buyers net purchased 22.7 billion won. Among major stocks, Samsung Electronics saw a modest increase of 0.33 percent to 61,000 won. Its competitor in the semiconductor industry, SK hynix, experienced a notable surge of 2.88 percent, closing at 192,900 won. However, not all tech giants fared well; LG Energy Solution's shares dropped by 0.62 percent to 403,500 won, and Samsung SDI saw a decrease of 2.23 percent to 351,000 won. The financial sector, which had previously enjoyed significant gains, faced setbacks. KB Financial fell by 1.65 percent to 95,600 won, and Shinhan Financial declined by 0.52 percent to 57,800 won. The automotive sector also saw mixed results; Hyundai Motor decreased by 1.01 percent to 246,000 won, and Kia dropped by 0.89 percent to 99,700 won, although Hyundai Mobis ticked up slightly by 0.22 percent to 224,000 won. The South Korean won closed at 1,361.3 against the U.S. dollar, weakening by 5.2 won from the previous trading day.