SEOUL– South Korean stocks climbed Wednesday, in the wake of the United States and its European allies’ announcement of financial sanctions against Russia over the move to dispatch Russian troops to Ukraine. The Korean won fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 12.74 points, or 0.47 percent, to close at 2,719.53 points.
Trading volume was moderate at about 527 million shares worth some 9 trillion won (US$7.5 billion), with gainers outnumbering losers 674 to 178.
Foreigners bought a net 179 billion won and foreigners purchased 75 billion won, while retail investors offloaded 266 billion won.
The KOSPI rebounded after a two-day retreat from the rising tensions in Ukraine.
Washington criticized the Kremlin’s decision to dispatch what Russia called “peacekeeping forces” into eastern Ukraine, and said Russia’s invasion has begun.
“The stock prices seem to have rebounded after days of adjustment, with investors having gradually gotten used to the Ukraine issue,” Mirae Asset Securities analyst Park Gwang-nam said.
Market bellwether Samsung Electronics lost 0.54 percent to 73,000 won, and No. 2 chipmaker SK hynix closed unchanged from the previous session at 128,500 won.
Internet portal operator Naver declined 1.28 percent to 309,000 won, and top carmaker Hyundai Motor retreated 0.55 percent to 180,500 won.
Among gainers, battery maker LG Energy Solution increased 0.45 percent to 442,000 won, and tech giant LG Electronics grew 3.29 percent to 125,500 won.
The local currency closed at 1,193.6 won against the U.S. dollar, down 0.9 won from the previous session’s close.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys lost 1 basis point to 2.317 percent, and the return on the benchmark five-year government bond fell 0.2 basis point to 2.522 percent.
Source: Yonhap News Agency