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Seoul shares snap 2-day losing streak on foreign buying

Feb. 7, 2024 - 16:15 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Wednesday. (Yonhap)

South Korean shares closed higher Wednesday, snapping a two-day losing streak amid an extended buying streak by foreign investors. The local currency fell slightly against the US dollar.

The benchmark Korea Composite Stock Price Index gained 33.38 points, or 1.30 percent, to close at 2,609.58.

Trade volume was heavy at 508.3 million shares worth 11.3 trillion won ($8.5 billion), with gainers outnumbering losers 642 to 239.

Foreign investors extended their buying streak to a sixth consecutive session, scooping up 536.2 billion won worth of local shares. Institutions purchased a net 625.7 billion won, ending their two-day selling streak, while individuals offloaded 1.13 trillion won worth of shares.

Most large caps finished in positive terrain with techs, battery and auto stocks leading the overall market advance.

Market bellwether Samsung Electronics added 0.81 percent to close at 75,000 won, while No. 2 chipmaker SK hynix remained flat at 138,000 won.

Top battery maker LG Energy Solution surged 2.39 percent to 386,000 won, with its local rival Samsung SDI gaining 2.14 percent to 382,000 won.

Leading carmaker Hyundai Motor spiked 4.03 percent to 245,000 won, with its smaller affiliate Kia Motors advancing 2.78 percent to 114,700 won.

The local currency closed at 1,327.80 won against the US dollar, down 0.20 won from the previous session's close. (Yonhap)