[THE INVESTOR] South Korean stocks hit a nine-month high Aug. 9, as foreign investors continued to buy local stocks. The Korean won rose against the US dollar.

The benchmark KOSPI rose 12.66 points, or 0.62 percent, to close at 2,043.78. Trade volume was moderate at 433 million shares worth 4.09 trillion won (US$3.69 billion), with gainers outnumbering losers 491 to 302.

The KOSPI last surpassed the 2,040-level on Nov. 6 last year. 


The local stock market opened higher, buoyed by improved sentiment as OPEC hinted at taking action next month to increase oil prices.

“Given that global oil prices rose amid expectations of a freeze in oil output, the trend of foreigners’ net buying is expected to continue,” said Seo Sang-young, an analyst at Kiwoom Securities in Seoul.

Foreign investors scooped up a net 205.9 billion won worth of local stocks.

No. 1 market cap Samsung Electronics fell 0.13 percent to end at 1,567,000 won, and AmorePacific, the No. 1 cosmetics maker, fell 0.66 percent to 377,000 won.

SK hynix, a global chipmaker, edged up 0.29 percent to 35,050 won.

Naver, the operator of the country’s top internet portal, gained 0.8 percent at 755,000 won.

Automakers traded in positive terrain, with industry leader Hyundai Motor up 2.63 percent to 136,500 won, and its smaller affiliate Kia Motors gaining 1.83 percent at 41,650 won.

The local currency closed at 1,106.10 won against the US dollar, up 2.2 won from the previous session’s close.

(theinvestor@heraldcorp.com)