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Korean shares finish slightly higher, foreign investors dump

Published: 10 Mar. 2025, 16:27 Updated: 11 Mar. 2025, 16:06

CHO YONG-JUN
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on March 10. [YONHAP]

Shares finished slightly higher Monday as concerns over an economic slowdown were eased by U.S. Federal Reserve Chair Jerome Powell's dovish comments.

The benchmark Kospi added 6.91 points, or 0.27 percent, to close at 2,570.39. The Kosdaq shed 1.88 points, or 0.26 percent, to close at 725.82.

Trade volume was moderate at 429.4 million shares worth 9.73 trillion won ($6.7 billion), with losers closely outpacing winners 466 to 406.

Individual and institutional investors led the daily gain, purchasing a net 208.7 billion won and 143.2 billion won worth of local shares, respectively. Foreigners, on the other hand, dumped a net 436.2 billion won.

Powell on Friday said the U.S. economy continues to be in a “good place” and that he would take a cautious approach before adjusting monetary policy.

Experts pointed out that Powell has calmed the market, which experienced a roller coaster last week due to unpredictable developments in the Trump administration's tariff policies and geopolitical issues.

Naver climbed 0.94 percent to 215,000 won and Kakao jumped 3.77 percent to 45,400 won.

Hyundai Motor advanced 0.41 percent to 197,400 won and Kia rose 1.24 percent to 98,000 won.

SK Innovation vaulted 6.02 percent to 135,700 won, and No. 3 S-Oil soared 8.74 percent to 62,200 won.

Korea Zinc surged 14.19 percent to 829,000 won as a management row with its largest shareholder, Young Poong, was rekindled.

SK hynix fell 2.34 percent to 187,900 won, and Posco Holdings retreated 2.05 percent to 310,500 won ahead of Washington's planned tariff imposition.

Samsung Electronics stayed unchanged at 53,700 won.

Krafton rose 0.43 percent to 350,500 won while NCsoft climbed 0.81 percent to 162,600 won.

The local currency was trading at 1,452.3 won against the greenback at 3:30 p.m., up 5.5 won from the previous session.

Bond prices, which move inversely to yields, ended lower. Three-year government bond yield rose 2.9 basis points to 2.594 percent, while the return on the benchmark 10-year U.S. government bonds rose 2.0 basis points to 4.297 percent.

BY CHO YONG-JUN, YONHAP [[email protected]]