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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 Tuesday. (Yonhap) |
South Korean stocks closed moderately higher Tuesday amid worries the US Federal Reserve's monetary tightening may last for longer than expected. The local currency ended almost flat against the US dollar.
The benchmark Korea Composite Stock Price Index rose 10.21 points, or 0.42 percent to 2,412.85. Trading volume was moderate at 518.1 million shares worth 8.9 trillion won ($6.72 billion) with gainers outnumbering decliners 504 to 362.
"Investors have become quite immune to the negative factors that have weighed on investor sentiment in relation to the US monetary policy," Han Ji-young, an analyst at Kiwoom Securities Co., said.
"Uncertainties will of course persist in the lead up to the Fed's next policy meeting in March, but that has been reflected in the markets," Han said.
US stocks rebounded Monday as investors hunted for bargains from last week's losses.
Data showed new orders for capital goods in the world's largest economy increased more than previously forecast in January. Pending home sales also rose last month by the most in nearly three years, pointing to a strong economy.
In Seoul, shares closed mixed, with large-cap financials and techs advancing while major steelmakers and shipbuilders wound up in the red.
Top-cap Samsung Electronics gained 0.17 percent to 60,600 won. No. 1 battery maker LG Energy Solution shot up 2.95 percent to 523,000 won.
KB Financial, a leading banking group, rose 1.38 percent to 51,300 won, and online-based Kakao Bank jumped 4.72 percent to 26,650 won.
Steelmaker Posco Holdings slid 0.31 percent to 318,000 won, and shipyard Hyundai Heavy Industries lost 2.3 percent to 106,400 won.
The local currency ended at 1,322.60 won against the US dollar, up 0.4 won from Monday's close.
South Korean stock markets will be closed Wednesday for the March 1 Independence Movement holiday marking a 1919 uprising against Japan's colonial rule. (Yonhap)
