Kospi rises 0.39% on rebound in U.S. tech stocks

Finance

Published: 23 Jul. 2024, 16:59

Kospi rises 0.39% on rebound in U.S. tech stocks

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,774.29 points on Tuesday, up 0.39 percent, or 10.78 points, from the previous trading session. [YONHAP]

Shares closed higher Tuesday to snap a four-day losing streak, tracking an overnight rebound in U.S. tech stocks. The local currency rose in value against the dollar.

The Kospi added 10.78 points, or 0.39 percent, to close at 2,774.29.

Trade volume was moderate at 416 million shares worth 11.3 trillion won ($8.15 billion), with losers outnumbering winners 494 to 365.

Foreign investors purchased 241.2 billion won worth of local shares, while retail investors and institutions unloaded stocks worth 190.7 billion won and 23.6 billion won, respectively.

Overnight, major U.S. indexes gained ground as big-cap tech shares, including Nvidia, ASML, Microsoft and Alphabet, rebounded after slumping last week.

Analysts said blue chip shares improved after weak performances last week, but investors remained cautious ahead of the earnings releases of major companies.

In Seoul, tech and auto shares led the market advance.

Samsung Electronics rose 1.08 percent to 83,900 won, while SK hynix was flat at 205,000 won.

Automaker Hyundai Motor jumped 3.33 percent to 263,500 won, and Kia soared 3.97 percent to 120,500 won.

Energy solutions firm HD Hyundai Electric shot up 17.96 percent to 346,000 won. It posted 210 billion won in operating profit for this year's second quarter, up 257.1 percent from the same period last year, the company said Tuesday.

Home appliances maker LG Electronics also surged 2.61 percent to 113,900 won.

Bio related shares closed mixed. Samsung Biologics stayed flat at 848,000 won, while Celltrion slipped 2.07 percent to 189,200 won.

Battery firms lost ground. LG Energy Solution dropped 0.76 percent to 326,000 won, Samsung SDI slid 2.04 percent to 335,500 won, and Posco Future M plunged 3.11 percent to 234,000 won.

Chemical producer LG Chem also dipped 2.61 percent to 113,900 won.

The local currency was trading at 1,386.2 won against the greenback as of 3:30 p.m., down 2 won from the previous session's close.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds fell 0.2 basis points to 3.08 percent, and the return on the benchmark U.S. 10-year benchmark bonds rose 1.5 basis points to 4.253 percent.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]