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Seoul stocks gain over 1% on Wall Street rally, bargain hunting

(Yonhap)
(Yonhap)
South Korean stocks advanced more than 1 percent Monday, buoyed by stock rallies in the United States and a bargain hunting rush here. The Korean won fell against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 29.29 points, or 1.29 percent, to close at 2,308.08.

Trading volume was moderate at about 598 million shares worth some 8.8 trillion won ($7.5 billion), with gainers outnumbering losers 750 to 123.

Foreigners sold a net 64 billion won, with retail investors dumping a net 98 billion won. Institutions bought a net 150 billion won.

Local stocks rebounded over the 2,300-point level, after the KOSPI's weak performance last week.

Stocks fared well throughout the session, tracking strong advances in US tech giants, such as Apple, Microsoft and Tesla.

The tech-heavy Nasdaq Composite jumped 2.26 percent to 10,913.56 the previous session. The Dow Jones Industrial Average gained 1.34 percent, with the S&P 500 adding 1.6 percent.

"A U.S. stock rebound over last week and the recent stock plunge here seem to have sparked a bargain hunting rush among investors," said Hana Financial Investment researcher Lee Young-gon.

Analysts, however, warned that market uncertainties are likely to remain high ahead of the Chuseok holiday that falls from Wednesday to Sunday, as investors may shift to the selling mode for profit-taking.

In Seoul, most large caps closed higher.

Market bellwether Samsung Electronics added 0.52 percent to 58,200 won, but No. 2 chipmaker SK hynix shed 0.48 percent to 82,500 won.

Internet portal giant Naver added 1.19 percent to 298,500 won, with its rival Kakao spiking 4.98 percent to 369,000 won.

Top pharmaceutical firm Samsung Biologics gained 1.48 percent to 685,000 won, while Celltrion lost 1.35 percent to 305,000 won.

Hyundai Motor, the country's largest automaker, jumped 3.24 percent to 175,500 won.

Leading chemical maker LG Chem slipped 0.16 percent to 626,000 won, but rechargeable battery maker Samsung SDI advanced 2.18 percent to 421,000 won.

The local currency closed at 1,173.6 won per dollar, down 1.3 won from the previous session's close.

Bond prices, which move inversely to yields, mostly closed higher. The yield on three-year Treasurys lost 1.2 basis points to 0.843 percent, and the return on the benchmark five-year government bond slipped 0.8 basis point to 1.117 percent. (Yonhap)
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