Kospi closes up 1.13% on Samsung rebound

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Kospi closes up 1.13% on Samsung rebound

Published: 28 Oct. 2024, 17:32

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

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,612.43 points on Monday, up 1.13 percent, or 29.16 points, from the previous trading session. [YONHAP]

Shares rose more than 1 percent to hit a two-week high on Monday led by a sharp rebound in Samsung Electronics shares. The Korean won gained against the dollar.

The benchmark Kopsi rose 29.16 points, or 1.13 percent, to 2,612.43, marking the highest closing price since Oct. 15 when the bourse finished at 2,633.45. The Kosdaq rose 13.07 points, or 1.80 percent, to close at 740.48.

Trade volume was slim at 327.6 million shares worth 9 trillion won ($6.5 billion), with winners outnumbering losers 615 to 271.

Institutions bought a net 426.4 billion won worth of stocks, while foreigners and individuals dumped a net 130.8 billion won and 331 billion won, respectively.

Samsung Electronics jumped 3.94 percent to 58,100 won. The world's largest memory chipmaker has been on a steady decline led by foreign selling amid poorer-than-expected earnings results.

SK hynix fell 2.49 percent to 196,000 won and Hanmi Semiconductor dropped 2.35 percent to 95,500 won.

LG Energy Solution rose 2.33 percent to 416,500 won and Posco Future M soared 7.05 percent to 243,000 won.

Korea Zinc increased 3.83 percent to 1.3 million won after the company announced that it has secured an 11.26 percent stake in a buyback offer aimed at defending its management control against a coalition of its largest shareholder, Young Poong and MBK Partners.

Korean Air rose 1.72 percent to 23,700 won and leading online portal operator Naver climbed 1.55 percent to 170,400 won.

Bank shares closed in negative territory, with KB Financial Group sinking 4.75 percent to 96,200 won and Woori Financial Group tumbling 5.97 percent to 16,060 won.

The Korean won was trading at 1,385 won against the greenback at 3:30 p.m., down 3.7 won from the previous session.

Bond prices, which move inversely to yields, closed sharply lower. The yield on three-year Treasurys rose 4.9 basis points to 2.93 percent, and the return on the benchmark 10-year U.S. government bonds increased 2.9 basis points to 4.24 percent.

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