The benchmark Korea Composite Stock Price Index (KOSPI) advanced 3.7 points, or 0.16 percent, to close at 2,347.38. Trade volume was high at 547 million shares worth 8.07 trillion won (US$7.2 billion), with gainers outnumbering losers 463 to 340. (Image: Yonhap)
SEOUL, May 31 (Korea Bizwire) – South Korean stocks closed higher on Wednesday to snap a two-day losing streak as institutional buyers scooped up medical and telecoms shares offsetting a massive selling spree by foreigners following overnight Wall Street losses, analysts said. The Korean won rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 3.7 points, or 0.16 percent, to close at 2,347.38. Trade volume was high at 547 million shares worth 8.07 trillion won (US$7.2 billion), with gainers outnumbering losers 463 to 340.
Foreign and individual investors offloaded a net 35.1 billion won and 3.7 billion won worth of local stocks, respectively, while institutions were net buyers by snatching up 35.1 billion won.
On Tuesday (local time), U.S. stocks dropped amid lingering uncertainties surrounding the the future of U.S. politics. The Dow Jones industrial average fell 0.2 percent, with the tech-heavy Nasdaq composite index shedding 0.1 percent.
“The market repeatedly moved up and down, apparently failing to find distinct upward momentum,” said Lee Kyung-min, an analyst at Daeshin Investment & Securities, cautioning that the local stock market could see profit-taking.
Most large caps closed mixed on the Seoul bourse, with medical and telecoms shares leading the gain.
Tech shares were mixed with top cap Samsung Electronics ending at 2,235,000 won, up 0.13 percent from the previous session’s close. Smaller rival LG Electronics lost 1.2 percent to 82,500 won and global chipmaker SK hynix also shed 0.7 percent to 57,000 won.
Mobile carriers closed higher, with No. 1 player SK Telecom adding 1.81 percent to 253,500 won and the second-largest KT inching up 0.62 percent to 32,500 won. LG Uplus, the smallest in the country, moved up 4.18 percent to 16,200 won.
Samsung BioLogics, a biopharmaceutical affiliate of Samsung Group, gained 4.02 percent to 220,000 won, and leading drug firm Hanmi Pharm added 4.09 percent to 382,000 won.
Shares of leading mobile game maker Netmarble added 1.67 percent to 152,000 won to continue a three-day winning streak.
Local brokerage house SK Securities Co. tumbled 13.33 percent to 1,495 won on news that leading player Mirae Asset Daewoo Securities is on the move to acquire the firm.
Auto shares closed lower with leading automaker Hyundai Motor losing 0.11 percent to 163,000 won and its sister company, Kia Motors, shedding 0.26 percent at 39,050 won. Hyundai Mobis lost 2.31 percent to 274,500 won.
The local currency closed at 1,119.4 won against the U.S. dollar, up 5.6 won from Tuesday’s close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys added 0.3 basis point to 1.661 percent and the return on benchmark five-year government bonds increased 0.7 basis point to 1.876 percent.
(Yonhap)
