Stocks rise despite choppy trading day

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Stocks rise despite choppy trading day

Published: 27 Dec. 2023, 16:35

KIM JU-YEON
[email protected]

Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets open on Wednesday. [YONHAP]

Shares finished moderately higher Wednesday on foreign and individual purchases. The local currency rose slightly in value against the dollar.

The benchmark Kospi swung between gains and losses but ultimately rose 10.91 points, or 0.42 percent, to close at 2,613.5.

The Kosdaq jumped 11.45 points, or 1.35 percent, to 859.79.

Trade volume was higher at 345.9 million shares worth 10.3 trillion won ($7.6 billion), but decliners outnumbered gainers 591 to 300.

Foreigners scooped up a net 231.1 billion won worth of local shares and individual investors bought a net 203.7 billion won. But institutions dumped a net 445.3 billion won.

“Ex-dividends affected the Korean stock index, which has shown choppy movement despite good news from the United States,” said Han Ji-young of Kiwoom Securities.

The ex-date, or ex-dividend date, is the trading date on or after which a dividend is not owed to a new buyer of the stock. This year, the ex-dividend date falls on Wednesday.

Major shares finished in mixed territory.

Samsung Electronics rose 1.83 percent to a yearly high of 78,000 won, extending its winning streak to six sessions.

Posco Holdings shot up 4.01 percent to 492,500 won.

Battery maker LG Energy Solution gained 1.32 percent to 421,000 won, and Posco Future M climbed 2.73 percent to 357,500 won.

Automaker Kia rose 0.73 percent to 97,000, and oil refinery SK Innovation grew 0.94 percent to 139,100 won.

Online portal operator Naver jumped 3.48 percent to 223,000 won, and Kakao rose 1.91 percent to 53,400 won.

But memory chipmaker SK hynix fell 0.35 percent to 140,400 won, and LG Electronics finished flat at 100,000 won.

Oil refiner S-Oil dropped 2.41 percent to 68,900 won, while LG Chem retreated 0.92 percent to 486,000 won.

The local currency closed at 1,294.2 won against the dollar, down 0.3 won from the previous session's close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds rose 0.6 points to 3.222 percent, and the return on the benchmark U.S. 10-year government bonds gained 0.4 points to 3.899 percent.

BY KIM JU-YEON [[email protected]]