SEOUL– South Korean stocks rebounded Tuesday, as investors sought to buy oversold stocks after the key index’s recent plunge. The Korean won fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 12.03 points, or 0.41 percent, to close at 2,975.03 points.
Trading volume was moderate at about 396 million shares worth some 8.6 trillion won (US$7.2 billion), with losers outnumbering gainers 428 to 415.
Institutions bought a net 601 billion won and foreigners purchased 35 billion won while retail investors offloaded 651 billion won.
Stocks started strong after the stock index dipped nearly 2 percent the previous session over the global spread of the omicron coronavirus variant.
Institutional buying led the KOSPI’s gain, with tech heavyweights faring well.
“With an overall gain in the Asian stocks, chip-related stocks seem to have performed well,” said Shinhan Investment Securities analyst Choi Yoo-joon said.
“The local stock index seems to have taken advantage from its large portion of chip stocks,” he added.
Top cap Samsung Electronics added 1.3 percent to 78,100 won, and No. 2 chipmaker SK hynix jumped 3.32 percent to 124,500 won.
Leading automaker Hyundai Motor closed unchanged from the previous session at 205,000 won, and internet portal operator Naver advanced 0.54 percent to 375,000 won.
Among losers, pharmaceutical giant Samsung Biologics lost 0.64 percent to 929,000 won, and electric car battery maker LG Chem decreased 2.13 percent to 642,000 won.
The local currency was trading at 1,192.9 won against the U.S. dollar, down 2.1 won from the previous session’s close.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys lost 2 basis points to 1.720 percent, and the return on the benchmark five-year government bond fell 1.8 basis points to 1.892 percent.
Source: Yonhap News Agency