Seoul shares rise for 3rd day on bargain hunting, US data eyed

Seoul shares ended higher Tuesday to extend their winning streak to a third day as auto and technology stocks advanced on bargain hunting, with investors keeping an eye on upcoming U.S. economic data and Federal Reserve policy.

The local currency rose against the US dollar.

The Korea Composite Stock Price Index (KOSPI) rose 20.17 points, or 0.84 percent, to close at 2,422.09.

Trading volume was moderate at 555.34 million shares worth 7.03 trillion won ($5.4 billion), with gainers outpacing decliners 598 to 262.

Individuals bought a net 105.7 billion won worth of stocks, offsetting institutions and foreigners' combined stock selling valued at 125.93 billion won.

Investors now await a cue from the first-quarter US economic growth data and US monthly consumer confidence index to be released this week, analysts said.

The data will come as the Fed recently raised its policy rate by 0.75 percentage point to tame inflation, which is running at a 40-year high.

In Seoul, tech, auto and airline stocks led gains.

Market bellwether Samsung Electronics rose 1 percent to 59,400 won, and No. 2 chipmaker SK hynix Inc. climbed 0.3 percent to 95,300 won. Top carmaker Hyundai Motor Co. gained 1.6 percent to 186,000 won, and national flag carrier Korean Air Lines Co. was up 0.6 percent to 25,400 won.

Among decliners, state-run utility Korea Electric Power Corp. fell 3.7 percent to 22,000 won, and leading cosmetics firm Amorepacific Corp. shed 0.8 percent to 132,500 won.

The local currency ended at 1,283.40 won against the US dollar, up 3.10 won from the previous session's close. (Yonhap)