Seoul shares ended higher Friday, led by gains in tech and shipbuilding stocks. ( Image courtesy of Yonhap)
SEOUL, May 2 (Korea Bizwire) — Seoul shares ended higher Friday, led by gains in tech and shipbuilding stocks, although investors remained cautious about the impact of shifting U.S. tariffs on major companies’ earnings. The Korean won rose sharply against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.18 points, or 0.12 percent, to close at 2,559.79. The index advanced 0.5 percent this week.
The KOSPI had opened lower, bucking overnight gains on Wall Street. The Dow Jones Industrial Average closed 0.21 percent higher Thursday (U.S. time), while the tech-heavy Nasdaq composite gained 1.52 percent.
Trade volume was moderate at 579.17 million shares worth 8.25 trillion won (US$5.84 billion), with losers outnumbering gainers 450 to 418.
Institutions bought a net 302.5 billion won worth of stocks, offsetting net selling by foreigners and individuals, valued respectively at 170 billion won and 215 billion won.
Local tech stocks were buoyed by gains in U.S. peers, such as Microsoft and Meta Platforms, which pledged continued investments in artificial intelligence (AI) infrastructure, analysts said.
“Among tech stocks, SK hynix benefited the most from those U.S. tech giants’ capital expenditure plans,” No Dong-kil, an analyst at Shinhan Securities Co., said.
In Seoul, tech and shipbuilding stocks led the gains.
Chipmaker SK hynix jumped 4.79 percent to 186,000 won, and Hyundai Mipo Shipyard advanced 3.24 percent to 172,100 won.
KT Corp., South Korea’s second-largest wireless carrier, rose 3.28 percent to 53,500 won, while larger rival SK Telecom fell 1.1 percent to 53,700 won amid efforts to strengthen customer protection following a recent network data breach.
Among other decliners, top automaker Hyundai Motor slipped 0.63 percent to 189,400 won.
The local currency was trading at 1,405.30 won against the U.S. dollar at 3:30 p.m., up 15.7 won from the previous session.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 1.5 basis points to 2.282 percent, and the return on the benchmark five-year government bonds climbed 1.9 basis points to 2.394 percent.
(Yonhap)
