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Seoul stocks up for 2nd day on tech, auto gains

Electronic signboards at the trading room of Hana Bank in Seoul show the benchmark Kospi closed at 3,114.55 on Wednesday, rose 15.97 points or 0.71 percent from the previous session's close. (Yonhap)
Electronic signboards at the trading room of Hana Bank in Seoul show the benchmark Kospi closed at 3,114.55 on Wednesday, rose 15.97 points or 0.71 percent from the previous session's close. (Yonhap)
South Korean stocks advanced for a second consecutive session Wednesday, as auto and tech stocks continued to rebound. The Korean won rose against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.97 points, or 0.71 percent, to close at 3,114.55 points.

Trading volume was high at about 1.2 billion shares worth some 24.3 trillion won ($22.1 billion), with gainers outnumbering losers 511 to 322.

Foreigners sold a net 236 billion won, while retail investors purchased a net 1.4 trillion won. Institutions offloaded a net 1.2 trillion won.

The KOSPI traded choppy after the key index rallied 2.61 percent the previous session.

The key index got off to a strong start on overnight comments by US Treasury Secretary nominee Janet Yellen backing a large-scale fiscal relief package to reinvigorate the world's largest economy hit by the pandemic.

But the index undid much of its gains, largely on institutional selling for profit-taking.

"Despite Yellen's signal, institutional sell-offs seem to have limited the KOSPI's hike after it reached the 3,100-point level," Bookook Securities researcher Lee Won said.

Top automaker Hyundai Motor lost 0.96 percent to 259,000 won, while its smaller affiliate Kia Motors jumped 5.04 percent to 87,600 won, following a 17 percent rise the previous day.

LG Electronics surged 12.84 percent to 167,000 won after the major home appliance maker said its mobile business is open to "every possibility" amid rumors that the South Korean tech giant may sell its money-losing unit.

Top cap Samsung Electronics gained 0.23 percent to 87,200 won, and No. 2 chipmaker SK hynix closed unchanged at 130,500 percent.

Leading chemical firm LG Chem added 0.3 percent to 1 million won, while rechargeable battery maker Samsung SDI climbed 1.64 percent to 744,000 won.

The local currency closed at at 1,100.3 won against the US dollar, up 2.6 won from the previous session's close. (Yonhap)
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