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Kospi closes up 0.35% despite losses on Wall Street

Published: 25 Jun. 2024, 16:28 Updated: 25 Jun. 2024, 16:37

KIM JU-YEON
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,774.39 points on Tuesday, up 0.35 percent, or 9.66 points, from the previous trading session.[NEWS1]

Shares closed higher Tuesday as investors hunted for bargains, with logistics and automobile shares leading the overall gains. The won gained value against the dollar.

The Kospi added 9.66 points, or 0.35 percent, to 2,774.39.

Trade volume was moderate at 703.6 million shares worth 11.4 trillion won ($8.2 billion), with gainers outnumbering losers 492 to 375.

Foreigners sold a net 143.5 billion won, while individuals offloaded a net 304 billion won. Institutions scooped up a net 166 billion won.

Overnight, the Nasdaq Composite plunged 1.09 percent, while the Dow Jones Industrial Average added 0.67 percent. Nvidia, which briefly shot up to become the most valuable firm last week, plunged 6.68 percent, with other technology companies losing ground as well.

Despite the U.S. losses, Seoul shares closed higher as investors hunted for bargains, although analysts warned that a further correction on Wall Street may weigh down the local market as well.

"The profit taking in technology shares will put downward pressure on the Korean stock market," Kim Seok-hwan, an analyst at Mirae Asset Securities, said.

In Seoul, logistics firms gained ground on the back of rising shipping costs. HMM advanced 1.05 percent to 19,180 won and Hyundai Glovis added 3.65 percent to 227,000 won. Korea Line also increased 8.15 percent to 2,455 won.

Carmakers also closed higher. Hyundai Motor advanced 2.67 percent to 288,500 won and Kia gained 0.55 percent to 129,000 won.

Namyang Dairy Products jumped 3.95 percent to 552,000 won after the company announced a stock buyback program worth 20 billion won.

Samsung Electronics added 0.25 percent to 80,800 won, and SK hynix moved up 0.9 percent to 225,000 won.

Chemical shares closed lower. LG Chem fell 1.4 percent to 351,000 won and SK Innovation lost 1.29 percent to 107,000 won.

The local currency ended at 1,387.5 won against the dollar, down 1.5 won from the previous session's close.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds rose 0.8 basis points to 3.201 percent, and the return on the benchmark U.S. 10-year government bonds fell 2 basis points to 4.233 percent.

BY KIM JU-YEON, YONHAP [[email protected]]