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Seoul stocks snap 4-day losing streak on bargain hunting

(Yonhap)
(Yonhap)
South Korean stocks ended a four-session losing streak Monday on investors' bargain hunting rush despite disappointing growth data from China. The Korean won rose against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.21 points, or 0.22 percent, to close at 2,346.74.

Trading volume was moderate at about 911 million shares worth some 10.2 trillion won ($8.9 billion), with gainers outnumbering losers 442 to 394.

Institutions purchased a net 297 billion won, and foreigners bought a net 43 billion won. Retail investors sold a net 352 billion won.

"Local stocks came to a strong start on investors' bargain hunting rush and extended gains over institutional and foreign buying," said Kiwoom Securities analyst Seo Sang-young.

"But China's lower-than-expected economic growth (in the third quarter) seems to have worked to erase part of those earlier gains," he added.

Giant chipmakers led the KOSPI's gain, while most other top caps closed lower.

Market bellwether Samsung Electronics added 0.84 percent to 60,000 won, and No. 2 chipmaker SK hynix gained 1.64 percent to 86,700 won.

Top pharmaceutical firm Samsung Biologics slipped 0.15 percent to 686,000 won, and Celltrion lost 0.39 percent to 255,500 won.

Internet portal giant Naver dipped 2.56 percent to 286,000 won, with its rival Kakao down 1.26 percent to 353,000 won.

Leading chemical maker LG Chem fell 3.91 percent to 615,000 won, and rechargeable battery maker Samsung SDI dropped 1.67 percent to 413,000 won.

Hyundai Motor, the country's largest automaker, fell 2.33 percent to 168,000 won, while top steelmaker POSCO advanced 3.22 percent to 208,500 won.

The local currency closed at 1,142.0 won per dollar, up 5.4 won from the previous session's close.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasurys added 0.3 basis point to 0.891 percent, while the return on the benchmark five-year government bond fell 3 basis points to 1.148 percent. (Yonhap)
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