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Seoul stocks rebound on solid export data

The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Monday. (Yonhap)
The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Monday. (Yonhap)
South Korean stocks rebounded Monday, helped by strong economic data that fueled optimism for a quick economic rebound from the pandemic. The Korean won fell against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.72 points, or 0.65 percent, to close at 3,223.04 points.

Trading volume was moderate at about 554 million shares worth some 10.1 trillion won ($8.8 billion), with losers outnumbering gainers 501 to 329.

Foreigners sold a net 148 billion won, while institutions bought 626 billion won. Retail investors offloaded 487 billion won.

Stocks got off to a bullish start as South Korea's July exports jumped 29.6 percent on-year to a record high amid high demand for chips and autos.

The stock index pared its gains in the late morning, however, taking a cue from the overall retreat in the Asian markets, including Hong Kong and China.

The KOSPI briefly retreated below the 3,200-point level in the wake of China's move to overhaul its tech firms and property markets. But stocks bounced back to gains, tracking the Chinese stock rebound.

"Investors turned to net buying in the futures market, taking a cue from the Chinese stock rebound," Shinhan Investment analyst Choi Yoo-joon said.

Top cap Samsung Electronics added 1.02 percent to 79,300 won, and No. 2 chipmaker SK hynix jumped 3.11 percent to 116,000 won.

Internet portal operator Naver closed unchanged at 433,500 won, while pharmaceutical giant Samsung Biologics gained 2.58 percent to 913,000 won.

Leading chemical firm LG Chem increased 2.61 percent to 864,000 won, and top automaker Hyundai Motor moved up 0.92 percent to 220,000 won.

The local currency closed at 1,150.9 won against the US dollar, down 0.6 won from the previous session's close. (Yonhap)

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