Send to

Seoul shares close higher on extended foreign buying

March 4, 2024 - 15:55 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap)

South Korean stocks closed higher Monday as foreigners extended their buying streak to seven consecutive sessions, with technology and financial shares leading the overall rise. The local currency gained against the US dollar.

The benchmark Korea Composite Stock Price Index rose 31.91 points, or 1.21 percent, to 2,674.27.

Trade volume was moderate at 383 million shares worth 12.2 trillion won ($9.22 billion), with losers slightly outpacing gainers 442 to 436.

Foreigners were net buyers, scooping up 590 billion won. Individuals, on the other hand, offloaded a net 622 billion won, with institutions buying a net 41.4 billion won.

"The hope over the rising chip demand has further escalated, considering South Korea's semiconductor exports in February coupled with the slowing inflation in the US," said Kim Dae-wook, a researcher at Hana Securities.

Exports of chips jumped 66.7 percent on-year in February to $9.94 billion, growing for the fourth consecutive month and marking the sharpest increase since the 69.6 percent rise tallied in October 2017.

Tech shares gathered ground, tracking the previous week's Wall Street rally, with Samsung Electronics rising 2.04 percent to 74,900 won and No. 2 chipmaker SK hynix soaring 6.59 percent to 166,500 won.

Finance shares traded bullish as well, with KB Financial advancing 8.66 percent and Samsung Life Insurance gaining 7.22 percent.

LG Chem added 1.99 percent to 462,000 won, while leading oil refiner SK Innovation edged down 0.09 percent to 117,000 won.

Top carmaker Hyundai Motors finished 2 percent higher at 255,500 won, with its sister Kia rising 0.88 percent to 125,600 won. Hyundai Mobis climbed 3.92 percent.

The local currency ended at 1,331.3 won against the greenback, up 0.2 won from the previous session's close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 2.5 basis points to 3.36 percent, and the return on the benchmark five-year government bonds lost 2.9 basis points to 3.403 percent. (Yonhap)