Korean stocks finished 0.12 percent higher Wednesday as foreign investors snapped up tech and auto exporters, but gains were trimmed by institutional selling, analysts said. The local currency rose against the U.S. dollar.

After rising as much as 1.2 percent, the benchmark KOSPI gained 2.34 points to 1,952.23.

Trading volume was moderate at 372 million shares worth 6.07 trillion won ($5.39 billion) with gainers leading losers 421 to 401.

“Apple’s earnings surprise was a positive impact on the local market. Shares rose across the board without a clear market leader,” said Kwak Joong-bo, an analyst at Samsung Securities Co.

Apple reported a forecast-beating profit for the last quarter on Tuesday, helping investors put aside worries about Greek default and boosting shares of its Korean suppliers and tech peers.

The KOSPI, however, gave up some of its gains in the afternoon as institutional investors locked in profit.

Most tech exporters gained ground. Market heavyweight Samsung Electronics rose 0.81 percent to 1,114,000 won and its rival LG Electronics spiked 4.05 percent to 77,100 won.

LG Display, however, edged down 0.17 percent to 28,550 won after advancing as much as 2.62 percent.

Automakers outperformed the benchmark index ahead of its earnings releases scheduled later this week.

Top automaker Hyundai Motor climbed 0.86 percent to 234,000 won and its smaller affiliate increased 1.78 percent to 68,500 won.

Leading mobile carrier SK Telecom spiked 4.03 percent to 142,000 won on expectations that its fourth-quarter earnings outperformed its rivals.

The local currency closed at 1,125.9 won to the greenback, up 8.4 won from Friday’s close, as overseas investors snapped up local stocks, dealers said. Korea’s financial markets were closed on Monday and Tuesday for the Lunar New Year holiday. 

(Yonhap News)