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Seoul shares end higher on tech, auto gainsBy Yonhap
Published : June 26, 2023 - 16:07
South Korean stocks closed higher Monday on advances in tech and auto shares. The local currency went down against the US dollar.
After choppy trading, the benchmark Korea Composite Stock Price Index climbed 12.10 points, or 0.47 percent, to 2,582.20. Trading volume was moderate at 473 million shares worth 8.3 trillion won ($6.4 billion) with gainers outstripping decliners 494 to 381.
The index opened lower on losses on Wall Street amid US Federal Reserve Chairman Jerome Powell's remarks reaffirming the need for more interest rate hikes at a testimony before Congress last week and investors' woes over an economic recession.
But most of the earlier losses were pared on foreign and institutional buying.
Institutions purchased a net 231.8 billion won worth of local shares and foreigners bought a net 8.6 billion won, offsetting retail investors' sell-off of a total of 222.4 billion won.
In Seoul, most large-cap shares rose across the board.
Market bellwether Samsung Electronics gained more than 1 percent, and top battery maker LG Energy Solution added 0.18 percent.
Top automakers Hyundai Motor and Kia were up 0.30 percent and 2.52 percent, respectively.
Steel giant Posco Holdings also rose more than 2 percent, and state-run utility firm KEPCO advanced over 4 percent.
Bio firms also advanced, with Samsung Biologics adding 1.74 percent and Celltrion 0.73 percent.
The construction sector ended in positive terrain, with Hyundai Engineering & Construction jumping 6.25 percent on a deal with Saudi Arabia's state oil company Aramco to build a mega petrochemical plant in the Middle Eastern country.
But No. 2 chipmaker SK Hynix inched down 0.09 percent, and leading chemicals producer LG Chem went down 0.85 percent.
Top energy company SK Innovation dipped more than 6 percent after the company announced its plan to push for paid-in capital increase.
The local currency ended at 1,306.3 won against the US dollar, down 2.1 won from the previous session's close. (Yonhap)
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