Seoul shares up 1.36% ahead of corporate earnings

South Korean stocks ended sharply higher on Tuesday as institutions and foreigners picked up issues ahead of corporate earnings of major companies this week. The Korean won rose against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.24 points, or 1.36 percent, to close at 2,249.95 points.

Trading volume was moderate at about 572.65 million shares worth some 7.13 trillion won ($5 billion), with gainers outnumbering losers 800 to 88.

Overnight, the Dow Jones Industrial Average rose 1.86 percent, and the tech-heavy Nasdaq Composite jumped 3.43 percent ahead of earnings releases of such big names as Netflix, Tesla, Inc., and United Airlines, Inc. this week.

Institutions and foreigners bought a combined 220 billion won worth of stocks, offsetting individuals' stock selling valued at 233 billion won.

Foreigners have continued to scoop up local stocks in the past 12 sessions through Tuesday.

"Investors remain concerned about high inflation and a possible recession if the Federal Reserve and other central banks continue to raise rates to combat inflation. But this week, they await third-quarter earnings results of major companies including Hyundai Motor," No Dong-kil, an analyst at Shinhan Investment Corp., said.

Investors are paying close attention to corporate earnings results of major firms as they seek a clearer picture of how companies are faring in the face of high inflation and other uncertainties, he said.

Most large-cap stocks ended higher.

No. 2 chipmaker SK hynix Inc. rose 0.6 percent to 95,800 won, leading wireless services provider SK Telecom Co. climbed 2.5 percent to 50,200 won, top carmaker Hyundai Motor Co. gained 0.6 percent to 168,000 won, and state-run Korea Gas Corp. jumped 4 percent to 34,850 won.

Among decliners, market bellwether Samsung Electronics Co. fell 0.2 percent to 56,500 won, leading car battery maker LG Energy Solution declined 0.5 percent to 489,000 won, and refiner S-Oil Corp. shed 0.4 percent to 82,500 won.

The Korean won closed at 1,422.70 won against the US dollar, up 12.60 won from the previous session's close. (Yonhap)