Kospi up a third day as Samsung gains 2.58%

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Kospi up a third day as Samsung gains 2.58%

Published: 29 Oct. 2024, 16:37

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

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,617.80 points on Tuesday, up 0.21 percent, or 5.37 points, from the previous trading session. [YONHAP]

Shares rose for a third straight session Tuesday as the robust performance of top-cap Samsung Electronics offset losses from battery and auto shares. The local currency fell in value against the dollar.

The Kospi gained 5.37 points, or 0.21 percent, to 2,617.8, extending its winning streak for the third consecutive session. The Kosdaq rose 3.7 points, or 0.5 percent, to 744.18.

Trade volume was slim at 335.2 million shares worth 9.1 trillion won (US$6.56 billion), with decliners beating gainers 441 to 408.

Individuals and institutions bought a net 110.7 billion won and 12.8 billion won, respectively, while foreigners sold a net 134.4 billion won.

The Kospi started some 0.5 percent lower but trimmed the early losses as investors scooped up gains from Samsung Electronics, which had experienced a sharp drop amid a sluggish quarterly performance.

Samsung Electronics rose 2.58 percent to 59,600 won while its chipmaking rival SK hynix shed 2.91 percent to 190,300 won.

LG Display gained 3.28 percent to 10,700 won and Celltrion added 0.75 percent to 189,100 won.

Defense firms were among winners as Korea Aerospace Industries jumped 4.33 percent to 57,800 won and Hanwha Aerospace added 0.93 percent to 381,000 won.

Korea Zinc surged 18.6 percent to 1.54 million won amid a lingering management battle between the zinc smelter and a coalition of its largest shareholder, Young Poong, and MBK Partners.

But EV battery and auto shares finished in negative territory.

Battery maker LG Energy Solution sank 1.8 percent to 409,000 won, and Samsung SDI fell 1.29 percent to 344,000 won.

Automaker Hyundai Motor declined 1.1 percent to 224,000 won and its sister Kia dipped 1.88 percent to 93,700 won.

LG Chem plummeted 6.05 percent to 318,500 won.

The won was trading at 1,386.5 won against the greenback at 3:30 p.m., up 1.5 won from the previous session.

Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds rose 0.5 basis points to 2.94 percent, and the return on the benchmark U.S. 10-year government bonds gained 4.0 basis points to 4.28 percent.

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