Seoul stocks rise as investors look to snap up oversold shares

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,944.41 points on Wednesday, up 28.03 points, or 0.96 percent from the previous trading day. [NEWS1]

Stocks advanced nearly 1 percent Wednesday as investors sought to buy oversold stocks such as tech and auto shares after a sharp plunge the previous session. The won rose against the dollar.

The benchmark Kospi added 28.03 points, or 0.96 percent, to close at 2,944.41 points.

Trading volume was moderate at about 743 million shares worth some 12.1 trillion won ($10.1 billion), with gainers outnumbering losers 700 to 168.

Foreigners sold a net 273 billion won, while institutions bought 772 billion won. Retail investors offloaded a net 530 billion won.

The key stock index snapped its two-day losing streak on easing tensions over the recent volatility in the local currency to the dollar.

"Investors seem to be relieved about the steep fall in the dollar-won rate today, after the dollar exceeded the 1,200 won level yesterday," Samsung Securities analyst Jeong Myung-ji said.

Samsung Electronics decreased 0.29 percent to 68,800 won, while chipmaker SK hynix increased 0.55 percent to 92,000 won. LG Electronics declined 1.61 percent to 122,000 won.

Kakao gained 3.08 percent to 117,000 won, and internet portal operator Naver advanced 2.69 percent to 382,000 won. Kakao Bank added 1.08 percent to 55,900 won.

Automaker Hyundai Motor jumped 3.18 percent to 211,000 won, and its sister company Kia rose 2.43 percent to 84,200 won.

LG Chem rose 1.51 percent to 808,000 won, and SK Innovation gained 0.97 percent to 259,000 won.

Rechargeable battery maker Samsung SDI gained 1.21 percent to 671,000 won, and steelmaker Posco added 0.93 percent to 325,000 won.

Pharmaceutical firm Samsung Biologics lost 0.6 percent to 829,000 won, and Celltrion edged up 0.47 percent to 215,500 won.

The Kosdaq rose 13.32 points, or 1.42 percent, to close at 953.47.

The local currency closed at 1,193.8 won against the dollar, down 5 won from the previous session's close.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds added 0.6 basis point to 1.824 percent, and the yield on the benchmark 10-year government bond lost 3.8 basis points to 1.57 percent.

BY LEE TAE-HEE, YONHAP [lee.taehee2@joongang.co.kr]