Kospi ends two-day losing streak led by financial firms, shipbuilding companies

Finance

Published: 26 Jul. 2024, 17:50

Kospi ends two-day losing streak led by financial firms, shipbuilding companies

A screen in Hana Bank's trading room in central Seoul shows Kospi closing at 2,731.9 points on Friday, up 0.78 percent, or 21.25 points, from the previous trading session.[YONHAP]

Shares closed sharply higher Friday, ending a two-day losing streak on large cap gains led by financial firms and shipbuilding companies. The local currency fell slightly in value against the dollar.

Kospi added 21.25 points, or 0.78 percent, to close at 2,731.90.

Trading volume was moderate at 504.7 million shares worth 12.8 trillion won ($9.24 billion), with gainers outnumbering losers 594 to 288.

Institutions purchased a net 394 billion won worth of local shares, while retail investors net sold 367.7 billion won. Foreigners remained net sellers for a third consecutive session, dumping a net 48.3 billion won.

The index had opened slightly higher, tracking overnight gains on Wall Street that followed reports of the United States expanding 2.8 percent from three months earlier in the second quarter, surpassing market expectations of a 2 percent on-quarter expansion.

Most tech shares finished in positive terrain, with Samsung Electronics advancing 0.62 percent to 80,900 won, while SK hynix added 0.95 percent to 191,800 won.

Shipbuilders were among gainers, with Samsung Heavy Industries spiking 8.40 percent to 11,870 won.

"The profitability of shipbuilders will likely improve toward the end of the year as steel prices become more and more stabilized," Samsung Securities analyst Han Young-soo said.

KB Financial surged 4.64 percent to 87,900 won, with Shinhan Financial Group soaring 6.42 percent to 58,000 won and Hana Financial adding 4.27 percent to 63,500 won.

LG Chem retreated 1.92 percent to 307,000 won, while LG Energy Solution slipped 2.26 percent to 325,000 won and Samsung SDS gained 1.19 percent to 153,200 won.

Hyundai Motor tumbled 3.18 percent to 243,500 won, with its affiliate Kia dipping 2.52 percent to 112,100 won.

The local currency was trading at 1,385.80 won against the dollar as of 3:30 p.m., up 0.40 won from the previous session.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds fell 0.6 basis points to 3.024 percent, and the return on the benchmark U.S. 10-year benchmark bonds dropped 4.6 basis points to 4.243 percent.

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