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Seoul shares end higher on battery gains

By Yonhap

Published : Jan. 26, 2024 - 16:25

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)

Seoul shares closed higher Friday on battery gains amid a report that the US economy remains resilient. The Korean won fell against the US dollar.

The benchmark Korea Composite Stock Price Index rose 0.33 percent, or 8.22 points, to 2,478.56. The Kospi has risen 0.2 percent this week.

Trading volume was slim at 285.54 million shares worth 7 trillion won ($5.2 billion), with gainers outpacing losers 549 to 312.

Institutions and foreigners bought a combined 380 billion won worth of stocks, offsetting individuals' stock selling valued at 387 billion won.

Overnight, the Dow Jones Industrial Average rose 0.6 percent to 38,049.13, and the tech-heavy Nasdaq climbed 0.2 percent to 15,510.50.

The US gross domestic product for the fourth quarter of last year indicated the US economy remains stronger than expected.

In Seoul, battery stocks were lead gainers.

Leading battery maker LG Energy Solution Ltd. jumped 3.4 percent to 381,000 won, its parent firm LG Chem Ltd. gained 3 percent to 416,500 won, and battery firm Samsung SDI Co. climbed 3.7 percent to 360,500 won.

Among decliners, market bellwether Samsung Electronics Co. fell 0.9 percent to 73,400 won, No. 2 chipmaker SK hynix Inc. declined 1 percent to 136,500 won, and top carmaker Hyundai Motor Co. shed 0.7 percent to 187,300 won.

The local currency ended at 1,336.30 won against the greenback, down 0.5 won from the previous session's close. (Yonhap)