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Seoul stocks up for 5th day on tech rally

Jan. 27, 2023 - 16:12 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)

Seoul stocks extended their winning streak to a fifth day Friday, as foreign and institutional investors scooped up major tech shares. The Korean won fell against the US dollar.

The benchmark Korea Composite Stock Price Index added 15.37 points, or 0.62 percent, to 2,484.02.

Trading volume was moderate at 495.4 million shares worth 8.89 trillion won ($7.21 billion), with gainers outpacing losers 571 to 209.

The Kospi opened higher following a tech rally on Wall Street.

Foreign and institutional investors snapped up shares at a combined 1.2 trillion won. Retail investors offloaded a net 1.19 trillion won.

"Foreigners bought some 200 billion won worth of Samsung Electronics, pushing the main bourse upward," said analyst Lee Kyoung-min from Daishin Securities.

Investors' appetite for risky assets further increased on better-than-expected US economic data, added analyst Seo Sang-yong of Mirae Asset Securities.

In Seoul, most market top caps closed mixed.

Market bellwether Samsung Electronics rose 1.1 percent to 64,600 won, while smaller rival SK hynix inched down 0.87 percent to 91,500 won.

Auto shares lost ground despite an earnings surprise. Hyundai Motor, the nation's No. 1 auto maker, dipped 0.57 percent to 173,900 won, and sister affiliate Kia inched down 0.87 percent to 68,700 won.

Among gainers, portal operator Naver advanced 3.68 percent to 211,500 won and shipper HMM jumped 6.88 percent on anticipation the Korea Development Bank could sell off its stake in the shipping firm.

The local currency closed at 1,231.3 won against the greenback, down 0.6 won from the previous session's close. (Yonhap)