Seoul shares end higher Thursday on institutional buying
L'essentiel
- Seoul shares closed higher Thursday, with the benchmark KOSPI index rising 0.62% to 7,291.91, driven by institutional buying that offset retail selling.
- Concerns over Middle East tensions and AI demand outlook impacted the market.
Résumé généré par IA
Pourquoi c'est important
Seoul shares ended higher Thursday as institutional buying helped offset heavy retail selling amid a reassessment of the outlook for artificial intelligence (AI) demand. The Korean won fell against the U.S. dollar.
SEOUL, July 9 (Yonhap) -- Seoul shares ended higher Thursday as institutional buying helped offset heavy retail selling amid a reassessment of the outlook for artificial intelligence (AI) demand. The Korean won fell against the U.S. dollar.
After opening 3.3 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) trimmed earlier gains to close up 45.12 points, or 0.62 percent, at 7,291.91.
Trade volume was moderate at 574.75 million shares worth 37.46 trillion won (US$24.9 billion), with decliners outnumbering gainers 651 to 235.
Institutions and foreigners bought a net 1.29 trillion won and 137.54 billion won, respectively, while individuals sold a net 1.33 trillion won.
Investors remained concerned about renewed geopolitical tensions in the Middle East, as well as uncertainty over the outlook for artificial intelligence (AI) demand, analysts said.
"Renewed tensions between the United States and Iran and selling by retail investors amid heightened market volatility weighed on the benchmark index," Kang Jin-hyuk, an analyst at Shinhan Securities Co., said.
Overnight, U.S. stocks ended mixed. The Dow Jones Industrial Average fell 0.81 percent, while the tech-heavy Nasdaq composite rose 4.19 percent.
A rebound in technology stocks helped the market.
Market bellwether Samsung Electronics rose 0.18 percent to 278,000 won, while chip giant SK hynix climbed 5.3 percent to 2,186,000 won.
Korea Aerospace Industries, the country's sole aircraft manufacturer, jumped 5.6 percent to 150,000 won and S-Oil gained 1.44 percent to 133,500 won.
Among decliners, top carmaker Hyundai Motor fell 3.68 percent to 445,500 won and flag carrier Korean Air backtracked 5.15 percent to 26,700 won.
The Korean won was trading at 1,506.1 won per U.S. dollar as of 3:30 p.m., down 7.6 won from the previous session.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.3 basis point to 3.778 percent, and the return on the benchmark five-year government bonds climbed 1.7 basis points at 4.016 percent.
Questions ouvertes
- Will AI demand outlook continue to fluctuate?
- How will Middle East tensions evolve?
