South Korean stocks finished slightly higher Monday as concerns over an economic slowdown was eased by Federal Reserve Chair Jerome Powell's dovish comments. The local currency lost against the US dollar.
The benchmark Korea Composite Stock Price Index added 6.91 points, or 0.27 percent, to close at 2,570.39.
Trade volume was moderate at 429.4 million shares worth 9.73 trillion won ($6.7 billion), with losers closely outpacing winners 466 to 406.
Individual and institutional investors led the daily gain, purchasing a net 208.7 billion won and 143.2 billion won worth of local shares, respectively. Foreigners, on the other hand, dumped a net 436.2 billion won.
Last Friday, Powell said the US economy continues to be in a "good place" and he will take a cautious approach before adjusting monetary policy.
Experts pointed out that Powell has calmed the market, which experienced a roller-coaster last week due to unpredictable developments of the Trump administration's tariff policies and geopolitical issues.
In Seoul, IT, auto and oil refinery stocks drove the gain.
Naver, the leading online portal operator, climbed 0.94 to 215,000 won, and Kakao, the operator of leading mobile messenger KakaoTalk, jumped 3.77 percent to 45,400 won.
Top carmaker Hyundai Motor advanced 0.41 percent to 197,400 won, and its sister Kia mounted 1.24 percent to 98,000 won.
Leading oil refiner SK Innovation vaulted 6.02 percent to 135,700 won, and No. 3 S-Oil soared 8.74 percent to 62,200 won.
Korea Zinc, a leading nonferrous metal smelter, surged 14.19 percent to 829,000 won as a management row with its largest shareholder, Young Poong, has been rekindled.
However, chipmaker SK hynix fell 2.34 percent to 187,900 won, and steel giant POSCO Holdings retreated 2.05 percent to 310,500 won ahead of the planned tariff imposition by Washington.
Top-cap Samsung Electronics stayed unchanged at 53,700 won.
The local currency was trading at 1,452.3 won against the greenback at 3:30 p.m., down 5.5 won from the previous session. (Yonhap)
