SEOUL– Seoul stocks were trading higher Monday morning but trimmed earlier gains, as institutional investors transitioned to a sell mode.
The benchmark Korea Composite Stock Price Index (KOSPI) had risen 5.38 points, or 0.24 percent, to 2,241.78 as of 11:20 a.m. on the first trading day of 2023.
The KOSPI opened higher on strong retail and institutional buying but pared earlier gains, as institutional investors went into a sell mode.
In Seoul, most market heavyweights gathered ground.
Market bellwether Samsung Electronics added 1.08 percent, and No.2 chipmaker SK hynix inched up 1.6 percent.
Car makers were trading higher. Top auto maker Hyundai Motor jumped 5.96 percent, sister affiliate Kia was up 4.38 percent and car parts maker Hyundai Mobis advanced 2.24 percent.
In contrast, shares in airliners and cosmetic companies lost ground on the government’s strict measures against inbound travelers from China.
National flag carrier Korean Air inched down 1.96 percent, beauty giant Amorepacific declined 4.73 percent, and household goods maker LG Household & Health Care slid 2.49 percent.
The local currency had been trading hands at 1,268.6 won against the greenback as of 11:20 a.m., down 4.1 won from the previous session’s close.
The session’s opening hour was pushed back by one hour to 10 a.m. for the bourse operator’s New Year’s ceremony but will close at the usual time at 3:30 p.m.
Source: Yonhap News Agency