South Korean stocks close modestly higher following Wall Street rally
KOSPI gains 0.65 percent led by bargain hunting on chip-related shares despite heavy foreign selling.
En resumen
- South Korean stocks ended Monday modestly higher, snapping a two-day losing streak as investors engaged in bargain hunting for chip-related shares following Wall Street's record-setting rally.
- The benchmark KOSPI rose 0.65 percent to close at 6,299.66.
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Por qué importa
Wall Street advanced following U.S. job reports that eased concerns over a U.S. rate hike.
SEOUL, Aug. 10 (Yonhap) -- South Korean stocks ended modestly higher Monday, snapping a two-day losing streak, as investors bought major chip-related shares on bargain hunting after Wall Street extended its record-setting rally. The Korean won weakened against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 40.89 points, or 0.65 percent, to close at 6,299.66 after choppy trading.
The index opened 0.76 percent higher and surged as much as 2.16 percent in early trading before paring some of its gains. The market later moved mostly sideways amid heavy foreign selling.
Trade volume was moderate at 629.9 million shares worth 29.09 trillion won (US$20.51 billion), with gainers far outnumbering losers 695 to 183.
Foreign investors alone sold a net 1.48 trillion won worth of stocks, while institutions and retail investors purchased a net 567.4 billion won and 899.8 billion won, respectively.
"Large-cap semiconductor stocks came under pressure following reports that Apple is considering adopting memory chips from Chinese chipmaker CXMT, but bargain hunters moved into semiconductor equipment and materials stocks," said Lee Kyung-min, an analyst at Daishin Securities.
On Friday, Wall Street advanced, following U.S. job reports that eased concerns over a U.S. rate hike. The Dow Jones Industrial Average rose 0.28 percent, while the S&P 500 added 0.62 percent to a fresh record. The tech-heavy Nasdaq Composite Index increased 1.3 percent.
In Seoul, large-cap stocks finished mixed.
Semiconductor heavyweight Samsung Electronics surrendered 0.43 percent to 230,000 won after opening higher, while its rival SK hynix also edged down 0.14 percent to 1.42 million won after also starting in positive territory.
In contrast, LG Energy Solution gained 2.08 percent to 367,500 won, and No. 1 automaker Hyundai Motor went up 3.16 percent to 408,000 won.
The Korean won was quoted at 1,418.4 won against the U.S. dollar at 3:30 p.m., down 2.3 won from the previous session.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 3.2 basis points to 3.778 percent, while the return on the benchmark five-year government bonds added 3 basis points to 3.994 percent.
Preguntas abiertas
- Will foreign net selling continue in upcoming sessions?
- How will Apple's chip sourcing decisions impact local suppliers?
