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Seoul stocks rebound on tech, auto gains

The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Wednesday. (Yonhap)
The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Wednesday. (Yonhap)
South Korean stocks advanced nearly 1 percent Wednesday as investors sought to buy oversold stocks such as tech and auto shares after a sharp plunge the previous session. The Korean won rose against the US dollar.

The benchmark Korea Composite Stock Price Index (Kospi) added 28.03 points, or 0.96 percent, to close at 2,944.41 points.

Trading volume was moderate at about 743 million shares worth some 12.1 trillion won ($10.1 billion), with gainers outnumbering losers 700 to 168.

Foreigners sold a net 273 billion won, while institutions bought 772 billion won. Retail investors offloaded a net 530 billion won.

The key stock index snapped its two-day losing streak on easing tensions over the recent volatility in the local currency to the US dollar.

"Investors seem to be relieved about the steep fall in the dollar-won rate today, after the dollar exceeded the 1,200 won level yesterday," Samsung Securities analyst Jeong Myung-ji said.

Market bellwether Samsung Electronics Co. decreased 0.29 percent to 68,800 won.

No. 2 chipmaker SK hynix Inc. increased 0.55 percent to 93,100 won, internet portal operator Naver advanced 2.69 percent to 382,000 won, and top automaker Hyundai Motor Co. jumped 3.18 percent to 211,000 won.

LG Chem Ltd. rose 1.51 percent to 808,000 won, and electric battery maker Samsung SDI Co. gained 1.21 percent to 671,000 won.

Among losers, pharmaceutical heavyweight Samsung Biologics Co. lost 0.6 percent to 829,000 won, and LG Electronics Co. declined 1.61 percent to 122,000 won.

The local currency closed at 1,193.8 won against the US dollar, up 5 won from the previous session's close. (Yonhap)

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