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Seoul stocks close higher on tech gains

South Korean stocks closed higher Tuesday as Samsung Electronics and other tech stocks advanced on expectations of healthier earnings. The Korean won rose against the US dollar.

The benchmark Korea Composite Stock Price Index climbed 39.34 points, or 1.64 percent, to close at 2,433.81. Trade volume was moderate at 218 million shares worth 7.25 trillion won ($6.37 billion).

After closing for 10 days for Chuseok and other public holidays, the local stock market opened higher. 

(Yonhap)
(Yonhap)

South Korean officials have been closely watching North Korea over fears that Pyongyang could make another provocative action to mark the anniversary of its Workers' Party on Tuesday. The North has not taken such a step as of now.

Park So-yeon, an analyst at Korea Investment & Securities, said, "Although worries about North Korea's nuclear issue persist, a trend of overall economic improvement, including emerging markets, has played a more significant role in markets."

Foreign investors scooped up a net 817.2 billion won worth of local stocks.

Samsung Electronics rose 2.96 percent to end at 2.64 million won, and SK hynix, a leading chipmaker, jumped 7 percent to 88,700 won.

Naver, the operator of the country's top Internet portal, gained 1.48 percent to 756,000 won.

Hyundai Motor rose 0.33 percent to 151,000 won, and its smaller affiliate Kia Motors climbed 0.95 percent to 31,950 won.

The local currency closed at 1,135.10 won against the US dollar, up 10.3 won from the previous session's close. 

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys gained 5 basis points to 1.938 percent, and the return on the benchmark five-year government bond added 5.2 basis points to 2.142 percent. (Yonhap)

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