South Korean stocks edged up 0.38 percent Thursday as investors scooped up local shares for bargain hunting following a recent fall, analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index gained 7.35 points to close at 1,942.54, snapping a four-session bearish run. Trading volume was heavy at 594.7 million shares worth 4.15 trillion won ($3.67 billion), with gainers outpacing losers 460 to 335.
“Foreign investors picked up large-cap shares to hunt for bargains. And gains in big shares like Samsung Electronics drove up the key index,” said Lee Da-seul, an analyst at Korea Investment & Securities Co.
KOSPI will hover around the 1,940-point level for a while as investors sat on the sidelines before key policymaking meetings in the United States and Europe in the coming month, Lee noted.
“There will be no big momentum to move the market until the big events. But investors are optimistic about detailed measures like stimulus packages and bond-purchase plans,” said Lee.
Foreigners bought a net 85.1 billion won worth of local shares, while institutions offloaded a net 52.4 billion won.
Stocks closed mixed across the board.
Market bellwether Samsung Electronics rose 1.82 percent to 1,287,000 won, ending a five-session losing streak. SK hynix, the world’s second-largest memory chipmaker, decreased 1.97 percent to 22,400 won. (Yonhap News)
