SEOUL– South Korean stocks closed slightly higher Monday after a choppy session, backed by institutional buying. The Korean won rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 3.45 points, or 0.15 percent, to close at 2,317.14 points.
Trading volume was relatively low at about 408 million shares worth some 5.1 trillion won (US$4 billion), with the last trading session of 2022 slated for Thursday. Losers outnumbered gainers 483 to 375.
Institutions bought a net 661 billion won, while foreigners sold 42 billion won and retail investors offloaded 619 billion won.
Stocks traded choppy after another muted start. The KOSPI has fallen every session since Dec. 15, except for last Thursday, amid a pessimistic economic outlook for 2023 and monetary tightening moves in major economies.
The KOSPI gained ground in the afternoon, as institutional investors bought stocks a day ahead of the deadline for the year-end dividend.
“Today’s session went relatively idle, without a strong booster to raise the gaining momentum,” Daeshin Securities analyst Lee Jung-min said.
Chip losses weighed on the KOSPI, while bio and auto companies advanced.
Top cap Samsung Electronics dropped 0.34 percent to 57,900 won, and No. 2 chipmaker SK hynix decreased 0.9 percent.
Bio heavyweight Samsung Biologics added 0.87 percent, with leading carmaker Hyundai Motor increasing 1.03 percent to 77,000 won.
Leading chemical firm LG Chem grew 1.31 percent to 618,000 won, while financial heavyweight KB Financial Group retreated 1.16 percent to 51,000 won. Internet portal operator Naver gained 0.28 percent to 178,500 won.
The local currency closed at 1,274.8 won against the U.S. dollar, up 6 won from the previous session’s close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 4 basis points to 3.663 percent, and the return on the benchmark five-year government bond added 6.9 basis points to 3.636 percent.
Source: Yonhap News Agency