Seoul Stock Market Closes Higher, Overcoming Ex-Dividend Impact

SEOUL - South Korean stocks closed moderately higher on Wednesday, bolstered by foreign and individual buying, despite the ex-dividend effect.

The Korea Composite Stock Price Index (KOSPI) saw an increase of 10.91 points, or 0.42 percent, closing at 2,613.5, amidst fluctuating trading. The day's trade volume was significant, with 345.9 million shares traded, amounting to 10.3 trillion won (about US$7.6 billion), though decliners outnumbered gainers 591 to 300.

According to Yonhap News Agency, the ex-dividend date, which fell on Wednesday, influenced the market's choppy movements, despite positive news from the United States. The ex-dividend date is the cut-off for new stock buyers to receive the declared dividend.

Major stocks showed a mixed performance. Market leader Samsung Electronics rose 1.83 percent to a yearly high of 78,000 won, while leading battery maker LG Energy Solution climbed 1.32 percent to 421,000 won. POSCO Future M and Kia also saw gains, rising 2.73 percent and 0.73 percent, respectively.

In contrast, major chipmaker SK hynix saw a slight decrease of 0.35 percent, and LG Electronics closed flat. Other notable declines were observed in S-Oil and LG Chem, dropping 2.41 percent and 0.92 percent, respectively.

The local currency, the won, strengthened slightly against the U.S. dollar, closing at 1,294.2 won, up by 0.3 won from the previous session's close.

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