Seoul stocks closed higher for a second consecutive day on Tuesday on solid buying by foreign and institutional investors on hopes for China’s reopening, with eyes on the U.S. Federal Reserve’s next policy direction. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 15.65 points, or 0.68 percent, to close at 2,332.79 points.
Trading volume was moderate at 425.4 million shares worth some 6.9 trillion won (US$ 5.4 billion). Gainers outnumbered decliners 665 to 206.
Institutions and foreigners bought a net 1.15 trillion won, while retail investors offloaded 1.1 trillion won.
“The KOSPI opened higher ahead of the dividend season due Wednesday but trimmed earlier gains as retail investors went on selling mode,” analyst Lee Kyoung-min from Daishin Securities said.
The market was buoyed by hopes that China will reopen soon, following Beijing’s announcement Monday that it would relax antivirus measures on inbound travelers, Lee said.
In Seoul, market heavyweights ended mixed.
Top cap Samsung Electronics advanced 0.35 percent to 58,100 won, while No. 2 chipmaker SK hynix stayed unchanged at 77,000 won.
Battery maker Samsung SDI remained flat at 624,000 won, while its larger rival LG Energy Solutions slid 0.11 percent to 457,000 won.
Cosmetic giant Amorepacific jumped 6.39 percent to 141,500 won on optimism for China’s reopening.
Among decliners, national flag carrier Korean Air inched down 0.41 percent to 24,200 won and state-run Korea Electric Power Corp. dipped 0.92 percent to 21,500 won.
The local currency closed at 1,271.4 won against the U.S. dollar, up 3.4 won from the previous session’s close.
Source: Yonhap News Agency