Kospi closes up 0.39% as tech shares gain

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Kospi closes up 0.39% as tech shares gain

Published: 15 Oct. 2024, 16:54 Updated: 15 Oct. 2024, 19:37

KIM JU-YEON
kim.juyeon2@joongang.co.kr

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,633.45 points on Tuesday, up 0.39 percent, or 10.16 points, from the previous trading session.[YONHAP]

Shares closed higher for a third consecutive session Tuesday on advances by tech shares. The won lost ground against the dollar.

The Kospi gained 10.16 points, or 0.39 percent, to close at 2,633.45.

Trading volume was moderate at 430 million shares worth 9.72 trillion won ($7.14 billion), with losers outnumbering gainers 445 to 418.

The index opened higher earlier in the day, taking a cue from record high finishes by U.S. stocks.

The Dow Jones Industrial Average gained 0.47 percent to close at 43,065.22 on Monday, breaching the 43,000 mark for the first time, while the S&P 500 also climbed to a record high of 5,859.85.

Foreigners remained net buyers for a second straight session, scooping up a net 280 billion won worth of shares, while retail investors offloaded a net 346.7 billion won. Institutions net bought 22.7 billion won.

Kiwoom Securities analyst Han Ji-young earlier said foreign investors will be a "major deciding factor" in the local stock market this week since they have remained net sellers for two consecutive months, offloading 9.87 trillion won worth of local shares in August and September.

In Seoul, large caps closed mixed, with Samsung Electronics gaining 0.33 percent to 61,000 won, while SK hynix surged 2.88 percent to 192,900 won.

Battery maker LG Energy Solution retreated 0.62 percent to 403,500 won, while Samsung SDI tumbled 2.23 percent to 351,000 won.

Financial shares took a beating one day after posting sharp increases, with KB Financial slipping 1.65 percent to 95,600 won and Shinhan Financial retreating 0.52 percent to 57,800 won.

Automaker Hyundai Motor dipped 1.01 percent to 246,000 won. Affiliate Kia lost 0.89 percent to 99,700 won, while their auto parts affiliate, Hyundai Mobis, advanced 0.22 percent to 224,000 won.

The local currency was trading at 1,361.3 won against the dollar at 3:30 p.m., up 5.4 won from the previous session.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds fell 3.2 basis points to 2.91 percent, and the return on the benchmark U.S. 10-year government bonds added 4 basis points to 4.1 percent.

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