Seoul shares gain nearly 1 pct on bio, heavy industry gains

South Korean stocks finished nearly 1 percent higher Wednesday to snap a two-day fall, as investors bolstered bio, heavy industry and other blue chips despite overnight losses on Wall Street. The local currency gained against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 23.78 points, or 0.91 percent, to close at 2,625.58.

Trade volume was moderate at 367 million shares worth 7.34 trillion won (US$5.29 billion), with gainers outnumbering decliners 537 to 334.

Foreign investors and institutions led the market gains, buying a net 298.6 billion won, while individuals sold a net 330.2 billion won.

Overnight, all major U.S. stock indexes fell, taking a pause following recent Wall Street gains amid a lack of market-moving catalysts.

The Dow Jones Industrial Average fell 0.27 percent, and the S&P 500 dropped 0.39 percent. The tech-heavy Nasdaq composite shed 0.38 percent.

In Seoul, bio and heavy industry shares led the overall gains. Leading bio firm Samsung Biologics surged 7.11 percent to 1,100,000 won, and top defense equipment manufacturer Hanwha Aerospace jumped 4.29 percent to 850,000 won.

Financial and internet-related shares also advanced. KB Financial rose 1.77 percent to 98,000 won, and top mobile messenger operator Kakao added 2.46 percent to end at 37,450 won.

In contrast, semiconductor and battery shares ended in negative terrain.

Market heavyweight Samsung Electronics fell 0.36 percent to 55,700 won, and top battery company LG Energy Solution slipped 0.72 percent to 277,500 won.

Auto shares also lost ground, with industry leader Hyundai Motor down 0.79 percent to 188,000 won, and its auto parts affiliate Hyundai Mobis also falling 0.2 percent to 247,500 won.

The local currency was trading at 1,387.2 won against the greenback at 3:30 p.m., up 5.2 won from the previous session.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys gained 1.5 basis points to 2.345 percent, and the return on the benchmark five-year government bonds rose 3.1 basis points to 2.498 percent.