On Wednesday, South Korean stocks closed higher as investors awaited key data releases from the United States later in the week, while the local currency depreciated against the US dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose by 27.24 points, or 1.04 percent, to reach 2,652.29. Trade volume was moderate, with 409.7 million shares traded, valued at 10 trillion won ($7.4 billion). Gainers outnumbered losers, with 559 stocks gaining and 302 declining.
Individual investors were net sellers, offloading 539.2 billion won, while foreign investors were net buyers, acquiring a net 458 billion won. Institutional investors also net bought 42.9 billion won.
Seoul Shares Ahead of US Data (Credits: The Korea Herald)
Investor attention was focused on upcoming releases of key economic indicators from the US, including the personal consumption expenditures price index scheduled for Thursday and fourth-quarter gross domestic product growth data due Wednesday.
Analysts noted the significance of the KOSPI’s steady ascent towards the 2,700 level, indicating positive market sentiment. Han Ji-young, an analyst from Kiwoom Securities, commented on the market’s resilience.
Major shares across various sectors closed bullish, with technology, automotive, and battery stocks leading the market advance. Samsung Electronics, the top tech giant, saw a modest increase of 0.41 percent, while SK Hynix, the second-largest chipmaker, rose by 2.73 percent.
In the battery sector, LG Energy Solution experienced a slight decrease, while Samsung SDI recorded a modest increase. Among automakers, Hyundai Motors and Kia Motor both saw significant gains, along with auto parts maker Hyundai Mobis.
However, Korea Gas, which reported weak earnings the previous day, witnessed a decline in its stock price.
The local currency, the South Korean won, closed at 1,333.6 won against the US dollar, depreciating by 2.6 won compared to the previous session’s close.
