Seoul shares rise for second day as chip stocks lead rebound
The Kospi closed higher Tuesday as bargain-hunting lifted Samsung Electronics and SK hynix despite lingering caution over the Iran conflict.
A screen in Hana Bank's trading room in central Seoul shows the Kospi rising 45.87 points, or 0.73 percent, over the previous session to close at 6,345.53 on Aug. 11.
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Shares ended higher for the second straight session on Tuesday as investors scooped up major chipmakers on bargain-hunting.
The Kospi rose 45.87 points, or 0.73 percent, to close at 6,345.53.
After opening 0.95 percent lower, the Kospi soon reversed course as major chip heavyweights gained ground, although the broader market sentiment remained cautious amid the ongoing war in Iran.
Trade volume was moderate at 634.5 million shares worth 21.59 trillion won ($15.23 billion) trading hands, with gainers outnumbering losers 562 to 308.
Foreigners and institutions purchased a net 445.8 billion won and 319 billion won worth of stocks, respectively, while retail investors alone off-loaded a net 724.4 billion won in shares.
"Investors engaged in bargain-hunting on the perception that the recent decline had been excessive," said Lee Kyung-min, an analyst at Daishin Securities.
On Monday, the U.S. stock market edged down from its all-time high the previous session as oil prices rose on uncertainty about when the Strait of Hormuz could reopen to shipping.
The S&P 500 slipped 0.1 percent from its record, while the Dow Jones Industrial Average dipped 0.1 percent and the tech-heavy Nasdaq composite fell 0.3 percent.
In Seoul, large-cap stocks finished mixed.
After opening lower, Samsung Electronics went up 4.13 percent to 239,500 won per share, and SK hynix gained 0.35 percent to 1.42 million won.
In contrast, SK Square edged down 0.42 percent to 945,000 won, and Samsung Electro-Mechanics surrendered 0.94 percent to 1.26 million won.
LG Energy Solution went down 3.54 percent to 364,500 won, and Hyundai Motor shed 1.23 percent to 403,000 won.
The won strengthened 2.4 won from the previous session to close at 1,416 won against the dollar as of 3:30 p.m. on Tuesday.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 3 basis points to 3.808 percent, while the return on the benchmark five-year government bonds added 4.8 basis points to 4.042 percent.
Yonhap
