Seoul shares jump more than 1% on tech gains

South Korean stocks soared more than 1% on Friday, for a three-day winning streak, driven by technology gains, analysts said. The Korean won appreciated against the US dollar.

After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) jumped 42.44 points, or 1.57%, to close at 2,750.26 points.

Trading volume was moderate at around 527 million shares worth around 11.1 trillion won ($9.3 billion), with winners far outnumbering losers 767 to 122.

Institutions and foreigners bought a net amount of 214.4 billion won and 194.3 billion won, respectively, while retail investors unloaded 414.6 billion won.

Stocks got off to a bullish start despite overnight losses on Wall Street following the “earnings shock” from parent Facebook.

The tech-heavy Nasdaq plunged 3.7% amid concerns over monetary policy tightening. The Dow Jones Industrial Average fell 1.5% and the broad-based S&P 500 lost 2.4%.

“Investor sentiment improved on the strength of U.S. equity futures, and reopening-related stocks also traded higher on the possibility of the government easing virus measures,” Kim said. Seok-hwan, analyst at Mirae Asset Securities.

Most large caps closed higher in Seoul.

Tech stocks were bullish, with market leader Samsung Electronics closing up 0.95% at 74,000 won. No. 2 chipmaker SK hynix rose 2.9% to 124,000 won to continue a three-day winning streak. LG Energy Solution jumped 5.6% to close at 504,000 won.

Internet portal operator Naver rose 2.18% to 327,500 won and LG Chem edged up 0.15% to 678,000 won.

Among the losers, top automaker Hyundai Motor lost 0.78% to 190,000 won, and major pharmaceutical company Samsung Biologics lost 0.38% to 769,000 won.

The local currency closed at 1,197 won against the US dollar, up 9.4 won from the previous session’s close. (Yonhap)

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