Seoul Shares Jump Near 2% On Tech Gains
(MENAFN- The Peninsula)
The Korea Herald
Seoul: South Korean Stocks rose nearly 2 percent yesterday as investors picked up chip bargains while welcoming a major investment plan by Microsoft and marked gains of US tech shares.
The local currency fell against the US dollar.
The benchmark Korea Composite Stock Price index added 46.72 points, or 1.91 percent, to close at 2,488.64, extending the winning streak to a second session.
Trade volume was moderate at 296.92 million shares worth 8.05 trillion won ($5.48bn), with winners outnumbering losers 628 to 257.
The index opened higher and had extended gains further, as foreigners and institutions purchased a net 376.35bn won and 64.54bn won worth of shares, respectively.
But individuals sold a net 541.9bn won worth of shares.
“Investors have digested bad news that weighed down the market recently. The index is expected to rebound further as uncertainties have eased,” said Lee Kyung-min, a researcher at Daishin Securities.
In Seoul, tech giant Samsung Electronics soared 2.76 percent to 55,900 won, and SK hynix spiked 9.84 percent to 199,800 won.
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