SEOUL– Seoul stocks closed higher for the second straight session on Thursday, driven by advances in chips and financial stocks. The Korean won rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.67 points, or 0.38 percent, to close at 2,264.65 points.
Trading volume was moderate at about 416.6 million shares worth some 7.4 trillion won (US$5.8 billion). Winners outnumbered losers 501 to 374.
“The KOSPI rose in the morning trading, boosted by advances in chips and financial issues, but surrendered some earlier gains in the afternoon. Foreigners continued to purchase stocks in the tech sector,” Seo Sang-young, an analyst of Mirae Asset Securities, said.
Investors have also lost their confidence, analysts said, amid gloomy U.S. manufacturing data and the U.S. Federal Reserve’s hawkish stance on rate hikes seen in minutes of the Fed’s December meeting.
Foreigners were net buyers and snapped up 509.1 billion won worth of equities. Institutions and retail investors sold a combined 521.1 billion won.
In Seoul, financial and chip shares were lead gainers while battery shares lost ground.
Market bellwether Samsung Electronics added 0.69 percent to 58,200 won, and No. 2 chipmaker SK hynix gained 0.49 percent to 81,400 won.
Financial shares gathered ground on expectations the government’s recent easing of property regulations could increase demand for loans.
Hana Financial Group jumped 7.19 percent to 46,950 won, KB Financial Group advanced 6.73 percent to 53,900 won and Shinhan Group soared 8.38 percent to 39,450 won.
Among decliners, top automaker Hyundai Motor slid 0.93 percent to 159,000 won, battery maker Samsung SDI dipped 3.32 percent to 583,000 won, and major chemical firm LG Chem retreated 3.33 percent to 581,000 won.
The local currency closed at 1,269.4 won against the U.S. dollar, up 2.3 won from the previous session’s close.
Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasurys added 1.2 basis points to 3.644 percent, and the return on the benchmark five-year government bond inched down 0.9 basis point to 3.607 percent.
Source: Yonhap News Agency