KB News Desk
South Korean stocks ended higher for the second straight session on Tuesday as investors scooped up major chipmakers on bargain-hunting. The Korean won gained ground against the US dollar.
The benchmark Korea Composite Stock Price Index rose 45.87 points, or 0.73 percent, to close at 6,345.53.
After opening 0.95 percent lower, the KOSPI soon reversed course as major chip heavyweights gained ground, although the broader market sentiment remained cautious amid the ongoing conflict in the Middle East.
Trade volume was moderate at 634.5 million shares worth 21.59 trillion won ($15.23 billion) trading hands, with gainers outnumbering losers 562 to 308.
Foreigners and institutions purchased a net 445.8 billion won and 319 billion won worth of stocks, respectively, while retail investors alone offloaded a net 724.4 billion won in shares.
“Investors engaged in bargain-hunting on the perception that the recent decline had been excessive,” said Lee Kyung-min, an analyst at Daishin Securities.
On Monday, the US stock market edged down from its all-time high the previous session as oil prices rose on uncertainty about when the Strait of Hormuz could reopen to shipping.
The S&P 500 slipped 0.1 percent from its record, while the Dow Jones Industrial Average dipped 0.1 percent and the tech-heavy Nasdaq composite fell 0.3 percent.
In Seoul, large-cap stocks finished mixed.
After opening lower, semiconductor heavyweight Samsung Electronics went up 4.13 percent to 239,500 won per share and its rival SK hynix gained 0.35 percent to 1.42 million won.
In contrast, SK Square, the parent of SK hynix, edged down 0.42 percent to 945,000 won, and Samsung Electro-Mechanics, an electronics component affiliate of Samsung Electronics, surrendered 0.94 percent to 1.26 million won.
LG Energy Solution went down 3.54 percent to 364,500 won, and No. 1 automaker Hyundai Motor shed 1.23 percent to 403,000 won.
The Korean won was quoted at 1,416 won against the US dollar at 3:30 p.m., up 2.4 won from the close of stock trading the day before. (Yonhap)
