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Seoul shares ended higher for a second straight session Wednesday, helped by tech gains, as investors’ sentiment for risky assets improved following a global stock rout. The Korean won fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 46.26 points, or 1.8 percent, to close at 2,568.41.
Trade volume was moderate at 469.69 million shares worth 12.9 trillion won (US$9.4 billion), with winners exceeding losers 727 to 176.
The rebound comes in line with gains in U.S. stocks.
Overnight, the Dow Jones Industrial Average rose 0.76 percent to 38,997.66, and the tech-heavy Nasdaq Composite climbed 1.03 percent to 16,366.85.
The KOSPI ended 3.3 percent higher Tuesday after plunging nearly 9 percent a day earlier due to massive selloffs amid concerns over a recession in the United States.
Individuals bought a net 296.03 billion won worth of stocks, offsetting institutions and foreigners’ stock selling valued at 326.68 billion won.
In Seoul, tech stocks were lead gainers.
Market bellwether Samsung Electronics Co. jumped 3 percent to 74,700 won, No. 2 chipmaker SK hynix Inc. climbed 3.4 percent to 169,300 won, top carmaker Hyundai Motor Co. gained 0.4 percent to 236,000 won, and the state-run Korea Electric Power Corp. was up 2.6 percent to 19,490 won.
Among decliners, leading battery maker LG Energy Solution Ltd. fell 3.7 percent to 324,500 won, cosmetics firm Amorepacific Corp. plunged 25 percent to 124,500 won, and leading refiner SK Innovation Co. shed 1.8 percent to 98,000 won.
Amorepacific shares plummeted after reporting a 30 percent on-year slump in operating profit in the second quarter due to weak sales in China.
The local currency was trading at 1,376.8 won against the dollar as of 3:30 p.m., down 4.6 won from the previous session.
Source: Yonhap News Agency
