Shares break three-day losing streak, Korea Zinc shoots up

Home > Business > Finance

Shares break three-day losing streak, Korea Zinc shoots up

Published: 04 Oct. 2024, 17:38

CHO YONG-JUN
cho.yongjun1@joongang.co.kr

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,569.71 on Friday. [YONHAP]

Shares closed slightly higher Friday, snapping three consecutive sessions of losses, as investors hunted bargains despite escalating tensions in the Middle East. The local currency sharply rose against the dollar.

The benchmark Kospi moved up 0.31 percent, or 8.02 points, to 2,569.71.

Trading volume was moderate, at 405 million shares worth 9.63 trillion won ($7.2 billion), with gainers outpacing losers at 462 to 412.

Foreigners bought a net 41 billion won worth of local shares while institutions dumped a net 217 billion won. Individuals bought a net 70 billion won.

Investors have recently been moving toward safer assets amid Middle East tensions with some pundits anticipating that Israel may soon strike oil facilities in Iran.

“The geopolitical risks in the Middle East, a hike in crude prices and concerns over inflation will inevitably lead to selling pressure,” KB Securities analyst Kim Ji-won said.

In Seoul, tech shares closed mixed, with Samsung Electronics falling 1.14 percent to 60,600 won while SK hynix soared 2.96 percent to 174,100 won.

Pharmaceutical firms finished higher, with Samsung Biologics rising 2.25 percent to 999,000 won and Celltrion advancing 0.89 percent to 192,700 won.

Korea Zinc shot up 8.84 percent to 776,000 won amid the firm's ongoing management feud.

Naver rose 1.49 percent to 170,700 won, and its rival, Kakao, jumped 1.94 percent to 36,700 won.

The local currency was trading at 1,307.8 won against the U.S. dollar as of 3:30 p.m., up 14.4 won from the previous session. The Kosdaq gained 6.85 points, or 0.90 percent, to close at 768.98.

BY CHO YONG-JUN, YONHAP [cho.yongjun1@joongang.co.kr]