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The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Wednesday. (Yonhap) |
South Korean stocks rose Wednesday, snapping an eight-session losing streak as investors expected the US. Federal minutes would cause little ripples on tapering of stimulus policies. The Korean won rose against the US. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 15.84 points, or 0.5 percent, to close at 3,158.93 points.
Trading volume was moderate at about 614 million shares worth some 16.5 trillion won ($14.1 billion), with gainers outnumbering losers 645 to 212.
Institutions bought a net 409 billion won, while foreigners sold a net 261 billion won and retail investors offloaded 127 billion won.
Stocks got off to a choppy start, tracking a stock plunge on Wall Street that stemmed from reports on the Taliban's earlier-than-expected control of the Afghanistan capital.
Overnight, the Dow Jones Industrial Average declined 0.79 percent, with the tech-heavy Nasdaq Composite retreating 0.93 percent and the S&P 500 losing 0.71 percent.
Stocks rebounded in the late morning, with investors weighing optimism that the Fed's minutes, set to be released Wednesday (US time), would not incur market jitters about an early tapering of its accommodative policies.
Recent economic gauges in July in China and the US added to the possibility of a slowdown in the pace of the global economic rebound.
"Bio and insurance stocks retreated on profit-taking, while bank and textile performed strong on favorable outlook," Mirae Asset Securities analyst Park Gwang-nam said.
In Seoul, market bellwether Samsung Electronics decreased 0.4 percent to 73,900 won, while SK hynix added 2.46 percent to 104,000 won.
Internet portal giant Naver edged up 0.12 percent to 429,000 won, and giant chemical maker LG Chem moved up 0.34 percent to 896,000 won.
Top pharmaceutical firm Samsung Biologics declined 1.88 percent to 993,000 won, with leading carmaker Hyundai Motor down 0.23 percent to 212,500 won. No. 1 bank heavyweight Kakao Bank shed 3.32 percent to 84,500 won on profit-taking after hitting an intraday high of 94,400 won.
The local currency closed at 1,168 won to the US. dollar, up 8.3 won from the previous session's close.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys lost 1.3 basis points to 1.389 percent, and the return on the benchmark five-year government bond fell 1.4 basis points to 1.632 percent. (Yonhap)
