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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 Thursday. (Yonhap) |
Seoul shares ended higher for the third consecutive session to exceed 2,800 points for the first time in about 2 1/2 years Thursday on tech gains despite concerns over the possible delay of long-awaited US interest rate cuts. The Korean won fell against the US dollar.
The benchmark Korea Composite Stock Price Index rose 10.3 points, or 0.37 percent, to close at 2,807.63.
The closing index exceeded the 2,800 level for the first time since Jan. 24, 2022, when the comparable reading was 2,828.11.
Trade volume was heavy at 745.18 million shares worth 13.28 trillion won ($9.6 billion), with gainers outnumbering losers 496 to 369.
Institutions and foreigners bought a combined 642 billion won worth of stocks, exceeding individuals' stock selling valued at 570 billion won.
US stock markets were closed for Juneteenth on Wednesday to commemorate the end of slavery in the US The Fed recently pared back projections for rate cuts this year.
In Seoul, large-cap stocks were mixed across the board.
Market bellwether Samsung Electronics Co. rose 0.5 percent to 81,600 won, No. 2 chipmaker SK hynix Inc. climbed 1.7 percent to 237,500 won, leading refiner SK Innovation Co. jumped 16 percent to 121,000 won, and the state-run Korea Gas Corp. gained 14 percent to 63,500 won.
Shares in SK Innovation surged on news that it is considering merging with gas power generation affiliate SK E&S Co. to strengthen its competitiveness.
Among decliners, top carmaker Hyundai Motor fell 0.4 percent to 285,500 won, national flag carrier Korean Air Co. declined 0.7 percent to 21,400 won, and leading steelmaker Posco Holdings shed 0.5 percent to 371,000 won.
The local currency closed at 1,384.60 won against the US greenback, down 2.8 won from the previous session's close. (Yonhap)
