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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 Monday (Yonhap) |
Seoul shares ended higher Monday, following gains on Wall Street after the US Federal Reserve signaled a moderate course on its monetary policy in the future. The Korean won rose against the dollar.
The benchmark Korea Composite Stock Price Index rose 24.27 points, or 0.96 percent, to close at 2,543.41.
Trading volume was moderate at 475.47 million shares worth 8.1 trillion won ($6.1 billion), with gainers outnumbering decliners 725 to 154.
On Friday, US stocks ended higher, with the Dow Jones Industrial Average rising 0.7 percent and the tech-heavy Nasdaq Composite climbing 0.9 percent.
In his speech last week in Jackson Hole, Wyoming, Fed Chair Jerome Powell hinted rates would remain unchanged in September though bringing inflation back to its target still has a long way to go.
"Powell's speech was basically hawkish, but the Fed's cautious stance gave relief to investors," Choi Yoo-joon, an analyst at Shinhan Securities Co., said.
Institutions bought a net 298.78 billion won worth of stocks, offsetting foreigners' and individuals' combined stock selling valued at 295 billion won.
In Seoul, major large-cap stocks advanced.
State utility Korea Electric Power Corp. rose 1.1 percent to 18,030 won, No. 2 carmaker Kia Corp. climbed 0.3 percent to 78,300 won, leading steelmaker Posco Holdings gained 2.8 percent to 593,000 won, and leading car battery maker LG Energy Solution was up 1.3 percent to 553,000 won.
Among decliners, market heavyweight Samsung Electronics Co. fell 0.5 percent to 66,800 won, No. 2 chipmaker SK hynix Inc. declined 0.5 percent to 115,900 won, and leading budget carrier Jeju Air Co. shed 0.08 percent to 12,870 won.
Among gainers, leading battery maker LG Energy Solution rose 2.1 percent to 546,000 won, leading cosmetics firm Amorepacific Corp. gained 2.1 percent to 546,000 won, and leading wireless services provider SK Telecom Co. was up 0.1 percent at 47,150 won.
The local currency closed at 1,323.40 won against the dollar, up 1.8 won from the previous session's close. (Yonhap)
