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Shares rise for third session on foreign investment rally

Published: 07 Jan. 2025, 16:25

KIM JU-YEON
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,492.10 points on Jan. 7, up 0.14 percent, or 3.46 points, from the previous trading session. [YONHAP]

Shares rose for a third consecutive session Tuesday on solid buying by foreign investors. The won sharply rose in value against the dollar.

The Kospi gained 3.46 points, or 0.14 percent, to close at 2,492.10, extending the winning streak to a third session.

Trade volume was moderate at 400.83 million shares worth 9.23 trillion won ($6.35 billion), with winners outnumbering losers 444 to 425.

The index opened higher and climbed more than 1.2 percent during intraday trading, but most of the earlier gains were pared on heavy selling by individuals.

Foreigners purchased a net 162.03 billion won worth of shares, while retail and institutional investors shed a net 202.99 billion and 42.72 billion won worth of shares, respectively.

“Profit-taking following recent gains limited the upturn of the market. Investors digested a rally for U.S. chip shares, possible changes to the new U.S. administration and several other market-moving factors,” said Han Ji-young, an expert from Kiwoom Securities.

Top-cap shares ended mixed.

Tech firm Samsung Electronics fell 0.89 percent to 55,400 won, and SK hynix dropped 2.4 percent to 195,000 won following recent sharp gains.

But EV battery maker LG Energy Solution advanced 1.11 percent to 365,500 won, while LG Chem went down 0.39 percent to 255,500 won.

Major bio shares gathered ground. Samsung Biologics surged 3.91 percent to 983,000 won, and Celltrion increased 0.11 percent to 183,900 won.

Carmakers drifted lower. Hyundai Motor tumbled 0.24 percent to 211,000 won, and its affiliate Kia skidded 1.39 percent to 99,100 won.

Steelmaker Posco Holdings gained 0.19 percent to 262,500 won while internet platform Naver slid 0.24 percent to 208,000 won.

The local currency was quoted at 1,453.5 won against the greenback at 3:30 p.m., down 16.2 won from the previous session.

The won's strength came on the heels of reports that U.S. President-elect Donald Trump would consider universal import tariffs, but only on certain sectors.

Bond prices, which move inversely to yields, closed mixed. Three-year government bond yields fell by 1.8 basis points to 2.508 percent, while the return on the benchmark 10-year U.S. government bonds rose by 4.1 basis points to 4.639 percent.

BY KIM JU-YEON, YONHAP [[email protected]]