Seoul shares rebound on bargain hunting; won sharply down

Seoul shares closed slightly higher Friday, snapping three consecutive sessions of losses, as investors hunted bargains despite the escalating tensions in the Middle East. The local currency sharply fell against the US dollar.

The benchmark Korea Composite Stock Price Index moved up 0.31 percent, or 8.02 points, to 2,569.71.

Trading volume was moderate at 405 million shares worth 9.63 trillion won ($7.2 billion), with gainers outpacing losers at 462 to 412.

Foreigners bought a net 41 billion won worth of local shares, while institutions dumped a net 217 billion won. Individuals bought a net 70 billion won.

Investors have recently been moving toward safer assets amid the Middle East tensions, with some pundits anticipating Israel may soon strike oil facilities in Iran.

"The geopolitical risks in the Middle East, a hike in the crude prices and concerns over inflation will inevitably lead to a selling pressure," Kim Ji-won, an analyst at KB Securities, said.

In Seoul, tech shares closed mixed, with top tech giant Samsung Electronics falling 1.14 percent to 60,600 won while No. 2 chipmaker SK hynix soared 2.96 percent to 174,100 won.

Pharmaceutical firms finished higher, with Samsung Biologics rising 2.25 percent to 999,000 won and Celltrion advancing 0.89 percent to 192,700 won.

Korea Zinc, the world's biggest zinc smelter, shot up 8.84 percent to 776,000 won amid the firm's ongoing management feud.

Naver, which operates the country's top search engine, rose 1.49 percent to 170,700 won and its rival Kakao added 1.94 percent to 36,700 won.

The local currency was trading at 1,307.8 won against the US dollar as of 3:30 p.m., down 14.4 won from the previous session. (Yonhap)