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Seoul stocks snap 3-day losing streak on bargain hunting, strong exports
By YonhapPublished : Nov. 1, 2021 - 16:06
South Korean stocks advanced Monday after a three-day loss, largely on investors' move to cash in the recent gains and strong exports in October. The Korean won fell against the US dollar.
The benchmark Korea Composite Stock Price Index (Kospi) rose 8.26 points, or 0.28 percent, to close at 2,978.94 points.
Trading volume was moderate at about 469 million shares worth some 9.3 trillion won ($7.9 billion), with losers outnumbering gainers 496 to 358.
Foreigners sold a net 358 billion won, while institutions bought 637 billion won. Retail investors offloaded a net 271 billion won.
The key stock index's gain was led by bio and tech advances.
South Korea's exports in October jumped 24 percent on-year to the second-largest monthly figure, helped by brisk global demand for chips and petrochemical products.
"(Amid the bargain hunting rush), investors seem to have scooped up chip stocks despite a fall in DRAM prices, largely following Samsung Electronics and SK hynix's emphasis on their shift to more profit-centered management strategy," said Mirae Asset Securities analyst Park Gwang-nam.
Market bellwether Samsung Electronics Co. added 0.14 percent to 69,900 won, No. 2 chipmaker SK hynix Inc. jumped 3.4 percent to 106,500 won, and internet portal operator Naver increased 0.37 percent to 408,500 won.
Pharmaceutical giant Samsung Biologics gained 0.34 percent to 874,000 won, and gaming heavyweight Krafton climbed 1.81 percent to 478,000 won.
Top automaker Hyundai Motor Co. closed unchanged at 208,000 won, and electric battery maker LG Chem retreated 0.48 percent to 832,000 won.
The local currency closed at 1,176.5 won against the US dollar, down 7.9 won from the previous session's close. (Yonhap)
The benchmark Korea Composite Stock Price Index (Kospi) rose 8.26 points, or 0.28 percent, to close at 2,978.94 points.
Trading volume was moderate at about 469 million shares worth some 9.3 trillion won ($7.9 billion), with losers outnumbering gainers 496 to 358.
Foreigners sold a net 358 billion won, while institutions bought 637 billion won. Retail investors offloaded a net 271 billion won.
The key stock index's gain was led by bio and tech advances.
South Korea's exports in October jumped 24 percent on-year to the second-largest monthly figure, helped by brisk global demand for chips and petrochemical products.
"(Amid the bargain hunting rush), investors seem to have scooped up chip stocks despite a fall in DRAM prices, largely following Samsung Electronics and SK hynix's emphasis on their shift to more profit-centered management strategy," said Mirae Asset Securities analyst Park Gwang-nam.
Market bellwether Samsung Electronics Co. added 0.14 percent to 69,900 won, No. 2 chipmaker SK hynix Inc. jumped 3.4 percent to 106,500 won, and internet portal operator Naver increased 0.37 percent to 408,500 won.
Pharmaceutical giant Samsung Biologics gained 0.34 percent to 874,000 won, and gaming heavyweight Krafton climbed 1.81 percent to 478,000 won.
Top automaker Hyundai Motor Co. closed unchanged at 208,000 won, and electric battery maker LG Chem retreated 0.48 percent to 832,000 won.
The local currency closed at 1,176.5 won against the US dollar, down 7.9 won from the previous session's close. (Yonhap)
