South Korean stocks bounced back Thursday from eight days of losses as retail and institutional investors hunted for bargains while foreign investors sold shares, analysts said. The South Korean won closed nearly flat against the U.S. dollar.

The benchmark Korea Composite Stock Price Index rose 0.55 percent, or 10.72 points, to 1,950.60. Trading volume was moderate at 218.94 million shares worth 3.82 trillion won ($3.7 billion), with gainers outnumbering losers 402 to 398.

The market started higher thanks to gains in blue chips such as Samsung Electronics, but turned lower in late morning trading on foreign selling. In afternoon trading, the market reversed its course to the positive terrain on the back of massive buying by retail and institutional investors.

“Bargain hunting by retail and institutional investors pulled up the KOSPI despite foreign selling,” said Kim Ji-hyung, an analyst at Hanyang Securities Co. “External factors such as better-than-expected Chinese exports and eased Ukraine crisis were favorable for the local market.”

China’s exports rose 0.9 percent in April from a year earlier after contracting 6.6 percent the previous month, according to data by the Customs Administration released on Thursday.

Russian President Vladimir Putin said Wednesday the referendum being staged by pro-Russia separatists in parts of eastern Ukraine should be postponed, defusing tension in the region.

Exporters such as autos and techs made a recovery from their losses caused by a stronger won in the Wednesday session as retail and institutional investors scooped up their shares.

Tech giant Samsung Electronics gained 0.45 percent to 1,350,000 won, and top automaker Hyundai Motor rose 2.47 percent to 228,500 won, with its sister company Kia Motors adding 1.43 percent to 56,900 won.

The biggest steelmaker POSCO gained 1.67 percent to 304,500 won, and No. 2 player Hyundai Steel gained 0.15 percent to 66,000 won.

Shipbuilders also staged robust rallies. Hyundai Heavy rose 1.61 percent to 189,000 won, and its unit Hyundai Mipo Dockyard soared 6.83 percent to 148,500 won.

However, foreign selling sent Naver, the country’s No. 1 Internet portal operator, lower, which tumbled 3.56 percent to 705,000 won.

The local currency ended at 1,022.6 won per dollar, down 0.10 won from Wednesday’s close. The local currency started lower against the greenback, and its fall was reduced by dollar selling by some commercial banks and exporters, dealers said. (Yonhap)