Seoul shares jump over 1 pct on battery, chemical stocks

April 29, 2024

Seoul shares closed over 1 percent higher Monday on advances in battery and chemical shares amid a slump in techs. The local currency slightly fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 31.11 points, or 1.17 percent, to close at 2,687.44.

Trade volume was moderate at 461 million shares worth 10.2 trillion won (US$7.4 billion), with gainers outnumbering losers 719 to 165.

Foreigners remained net buyers for a second consecutive session, scooping up a net 415.9 billion won worth of local shares, with institutions net purchasing 330.7 billion won. Retail investors offloaded a net 690.6 billion won.

The KOSPI had extended gains after opening higher on Wall Street gains prompted by better-than-anticipated earnings of tech firms.

The Dow Jones Industrial Average advanced 0.40 percent to close at 38,239.66 on Friday (U.S. time), with the tech-heavy Nasdaq surging 2.03 percent to 15,927.90.

“The KOSPI closed up more than 1 percent, helped by both foreigners and institutions net purchasing local shares following sharp drops in technology stocks in the previous session,” Hana Securities analyst Lim Seung-mi said.

Most large caps closed in positive terrain.

Top battery maker LG Energy Solution gained 1.75 percent to 378,500 won, with its local rival Samsung SDS gaining 0.19 percent to 158,900 won.

Leading chemicals producer LG Chem spiked 5.89 percent to 395,500 won, with top pharmaceutical producer Celltrion soaring 4.02 percent to 183,700 won.

Top automaker Hyundai Motor gained 0.80 percent to 251,500 won, while its smaller affiliate Kia Motors added 0.08 percent to 118,300 won.

But market bellwether Samsung Electronics closed flat at 76,700 won, while No. 2 chipmaker SK hynix retreated 1.07 percent to 175,900 won.

The local currency closed at 1,377.00 won against the U.S. greenback, down 1.70 won from the previous session’s close.

Bond prices, which move inversely to yields, fell. The yield on three-year Treasurys added 2.1 basis points to 3.552 percent, and the return on the benchmark five-year government bonds gained 1.8 basis points to 3.620 percent.