FINANCE

Seoul stocks jump on stabilizing currency market, move to ease supply bottleneck

By Yonhap
  • Published : Oct 14, 2021 - 16:26
  • Updated : Oct 14, 2021 - 16:26

The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Thursday. (Yonhap)
South Korean stocks advanced for a second straight session Thursday, as investors were relieved by the stable currency rate and Washington's move to ease supply chain disruptions. The Korean won rose against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 44.23 points, or 1.5 percent, to close at 2,988.64 points.

Trading volume was moderate at about 607 million shares worth some 11.9 trillion won ($10 billion), with gainers outnumbering losers 745 to 130.

Foreigners sold a net 394 billion won, while institutions bought 502 billion won. Retail investors offloaded a net 125 billion won.

Stocks got off to a bullish start, as the Korean won advanced against the US dollar, after depreciating sharply against the greenback over the past few days.

The local currency closed at 1,186.8 won against the US dollar, up 7 won from the previous session's close.

Stocks also gained ground amid expectations that the US government's push to relieve supply-chain bottlenecks would help the South Korean exporters.

"Investors seem to believe the supply shortage problem is getting close to a resolution," Eugene Investment & Securities analyst Huh Jae-hwan said.

Most large caps closed higher in Seoul, led by tech and bio gains.

Market bellwether Samsung Electronics Co. added 0.87 percent to 69,400 won, No. 2 chipmaker SK hynix Inc. increased 1.96 percent to 93,800 won, and internet portal operator Naver Corp. jumped 3.4 percent to 395,000 won.

LG Chem Ltd. leaped 4.95 percent to 848,000 won, and electric battery maker Samsung SDI Co. climbed 3.13 percent to 692,000 won.

Among losers, top automaker Hyundai Motor Co. declined 0.95 percent to 209,000 won. (Yonhap)