Seoul Stocks Rebound Nearly 1 Pct on Tech Gains
Seoul, South Korean stocks rebounded by almost 1 percent today, on Wednesday after the previous session’s plunge, backed by strong advances by tech giants, Yonhap reported.
The Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.14 points, or 0.96 percent, to 2,759.82.
Trading volume was high at about 1.1 billion shares worth some 19.9 trillion won (US$18 billion), with losers outnumbering gainers 491 to 360.
Foreigners bought a net 83 billion won, snapping a four-session selling streak, while retail investors sold a net 383 billion won. Institutions purchased a net 301 billion won.
The key index rebounded on optimism for a better corporate environment next year. Chip and auto shares led the gain, while pharmaceuticals slumped.
However, concerns over a new strain of COVID-19 in Britain and discord over the U.S. stimulus deal lingered.
Most large caps closed higher. Market bellwether Samsung Electronics added 2.21 percent to 73,900 won, and No. 2 chipmaker SK hynix jumped 3.11 percent to 116,000 won.
LG Electronics surged by the daily permissible limit of 30 percent to 119,500 won, after the firm revealed its plan to launch an electric car parts joint venture worth about US$1 billion next year with Canadian auto parts company Magna International Inc.
Internet portal giant Naver finished unchanged at 284,000 won, and its rival Kakao gained 0.4 percent to 377,500 won.
Pharmaceutical giant Samsung Biologics lost 0.87 percent to 796,000 won, but Celltrion declined 1.11 percent to 355,000 won.
Leading chemical firm LG Chem rose 1.13 percent to 806,500 won, while rechargeable battery maker Samsung SDI moved down 0.18 percent to 554,000 won.
Hyundai Motor, the country’s largest carmaker, went up 0.54 percent to 185,000 won.
The local currency closed at 1,107.9 won against the U.S. dollar, down 0.5 won from the previous session’s close.
Source: Saudi Press Agency