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Kospi opens higher as investors go bargain hunting

Published: 30 Dec. 2024, 10:44

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Monday. [YONHAP]

Shares opened slightly higher Monday, the last trading session of the year, as investors went bargain hunting following last week's losses stemming from ongoing political turbulence caused by a short-lived martial law attempt earlier this month.

The Kospi gained 9.69 points, or 0.4 percent, to 2,414.46 in the first 15 minutes of trading.

The Korean financial market has been facing downside risks following President Yoon Suk Yeol's short-lived martial law declaration on Dec. 3, which led to the passage of an impeachment motion against him.

Battery and financial shares led the overall gains, with LG Energy Solution jumping 2.73 percent and KB Financial adding 0.47 percent.

Defense equipment and energy shares also advanced. Hanwha Aerospace rose 0.63 percent, and SK Innovation added 1.80 percent.

In contrast, chipmakers retreated. Samsung Electronics and SK hynix slid 0.74 percent and 0.11 percent, respectively.

Jeju Air and Aekyung Holdings plummeted 10.35 percent and 9.3 percent, respectively, following a deadly Jeju Airplane crash that claimed 179 lives Sunday, marking the worst-ever aviation disaster in Korea.

The local currency was trading at 1,473.40 won against the greenback at 9:15 a.m., up 5.90 won from the previous session.

Yonhap