Stocks close higher as oil prices fall

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Stocks close higher as oil prices fall

Published: 10 Oct. 2024, 17:02

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

A screen in the Korea Exchange's trading room in central Seoul shows the Kospi closing at 2,599.16 points on Thursday. [NEWS1]

Stocks finished marginally higher Thursday on overnight U.S. stock gains amid a decline in international oil prices. The local currency fell in value against the dollar.

The benchmark Kospi edged up 0.19 percent, or 4.8 points, to 2,599.16.

Trading volume was heavy at 603 million shares worth 13.48 trillion won ($9.99 billion) with gainers outpacing losers at 442 to 423.

Institutions sold a net 299.6 billion won while foreign and retail investors together bought a net 280.4 billion won.

Overnight, U.S. stocks extended their gains thanks to a decline in global oil prices and gains in AI-related tech stocks. The Dow Jones Industrial Average rose 1.03 percent, the S&P 500 gained 0.71 percent and the tech-heavy Nasdaq composite added 0.6 percent.

“Although uncertainty in the semiconductor cycle remains, the industry cycle involving artificial intelligence sectors appears to remain in the realm of optimism,” Kiwoom Securities analyst Han Ji-young said.

Bio and internet portal shares advanced with Celltrion rising 1.62 percent to 194,300 won and Naver gaining 3.73 percent to end at 172,400 won.

Refiners and financial shares also gained ground. SK Innovation jumped 3.89 percent to 123,000 won while Shinhan Financial Group added 2.53 percent to end at 56,800 won.

SK hynix soared 4.89 percent to 186,700 won, but Samsung Electronics fell 2.32 percent to 58,900 won.

LG Energy Solution also shed 2.18 percent to 427,000 won.

Tobacco company KT&G jumped 12.95 percent to close at 116,900 won. Low-cost carrier T'way Air also soared 17.81 percent to 3,770 won.

The local currency was trading at 1,350.2 won against the U.S. dollar at 3:30 p.m., up 0.5 won from the previous session. The Kosdaq lost 2.76 points, or 0.35 percent, to close at 775.48.

Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds gained 3.4 basis points to close at 2.963 percent, and the return on the benchmark U.S. 10-year government bond increased 5.2 basis points to 4.065 percent.

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