Korean shares edge up on gains in tech shares

South Korean stocks finished slightly higher Monday helped by gains in information-technology stocks. The Korean won rose against the US dollar.

The benchmark Korea Composite Stock Price Index rose 7.28 points, or 0.34 percent, to hit 2,167.51.
 

Kim Ye-eun, an analyst at Cape Investment & Securities, said investors' buying of Samsung Electronics Co. and chipmaker SK hynix Inc. drove up the main index.

"Improved first quarter earnings estimates in information-technology companies, such as Samsung Electronics and SK hynix, had a positive impact on the index," said Bae Sung-young, an analyst at KB Securities Co.

Large-cap stocks were mixed across the board. Market bellwether Samsung Electronics Co. gained 0.58 percent to 2,072,000 won, and No. 2 chipmaker SK hynix Inc. was up 2.57 percent to 51,800 won.

Meanwhile, top automaker Hyundai Motor fell 0.64 percent to 156,500 won, and top steelmaker POSCO was down 2.92 percent to 282,500 won.

The local currency closed at 1,115.30 won against the US dollar, up 3.10 won from the previous session's close.
 
Bond prices, which move inversely to yields, were mixed. The yield on three-year Treasurys rose 0.9 basis point to 1.671 percent and the return on the benchmark five-year government bond fell 0.7 basis point to 1.840 percent. (Yonhap)