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Seoul stocks rebound on bargain hunting

An electronic board displays the closing mark of South Korea’s benchmark Kospi at Hana Bank headquarters in Seoul, Frisday. (Yonhap)
An electronic board displays the closing mark of South Korea’s benchmark Kospi at Hana Bank headquarters in Seoul, Frisday. (Yonhap)
South Korean stocks snapped their three-day losing streak Friday, as investors sought to buy oversold stocks after the recent fall in the local stocks. The Korean won fell against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.64 points, or 0.8 percent, to close at 2,971.02 points.

Trading volume was moderate at about 649 million shares worth some 10.9 trillion won ($9.2 billion), with gainers outnumbering losers 431 to 403.

Foreigners bought a net 231 billion won and institutions purchased 75 billion won, while retail investors sold 352 billion won.

Stocks traded bullish as foreign and institutional investors scooped up undervalued shares.

"The KOSPI was positively affected by the Nadaq's gain, largely on the stabilized US Treasury yields," Daeshin Securities analyst Lee Kyung-min said.

"A slight gain of Chinese stocks also seems to have helped the KOSPI's hike," he added.

Tech, auto and bio stocks led the market advance in Seoul.

Top cap Samsung Electronics added 1.42 percent to 71,200 won, and No. 2 chipmaker SK hynix increased 1.36 percent to 111,500 won.

Pharmaceutical giant Samsung Biologics surged 6.06 percent to 892,000 won after South Korea's new coronavirus cases stayed above 3,000 for a third consecutive day.

LG Electronics soared 8.98 percent to 133,500 won, following reports that LG Magna e-Powertrain, LG Electronics' joint venture with Canadian auto part maker Magna International Inc., may supply parts for the electric car that is being developed by US tech giant Apple Inc.

Leading automaker Hyundai Motor moved up 2.2 percent to 209,500 won, while electric car battery maker LG Chem lost 2.32 percent to 758,000 won.

The local currency was trading at 1,185.3 won against the US dollar, down 4.9 won from the previous session's close. (Yonhap)
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