SEOUL– South Korean stocks rebounded Thursday after a two-day loss, as investors bought oversold stocks. The Korean won fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.55 points, or 0.28 percent, to close at 3,068.82 points.
Trading volume was moderate at about 867 million shares worth some 14.5 trillion won (US$12.2 billion), with gainers outnumbering losers 542 to 316.
Foreigners bought a net 35 billion won, while institutions sold 225 billion won. Retail investors purchased a net 169 billion won.
The main stock index got off to a muted start amid lingering inflation uncertainties that stemmed from higher U.S. Treasury yields.
Stocks traded choppy in the morning after mixed closings in the stock indexes.
“Foreign investors scooped up tech and electronic shares, driving up the KOSPI,” said Daeshin Securities analyst Lee Kyung-min.
Top cap Samsung Electronics closed unchanged at 74,100 percent, with No. 2 chipmaker SK hynix jumping 3 percent to 103,000 won.
Internet portal operator Naver inched up 0.26 percent to 388,000 won, and leading chemical firm LG Chem gained 1.17 percent to 776,000 won. Pharmaceutical giant Samsung Biologis closed flat at 874,000 won.
Top automaker Hyundai Motor decreased 0.74 percent to 200,000 won, and rechargeable battery maker Samsung SDI added 1.27 percent to 718,000 won.
The local currency closed at 1,184 won against the U.S. dollar, down 2.2 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 1.593 percent, and the return on the benchmark five-year government bond fell 0.4 basis point to 1.929 percent.
Source: Yonhap News Agency