April 27, 2024

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[THE INVESTOR] South Korean stocks ended slightly higher on Feb. 21 due to increased buying by foreigners and institutions. The Korean won also rose against the US dollar.

The benchmark KOSPI rose 18.54 points, or 0.89 percent, to close at 2,102.93.

Kim Ye-eun, an analyst at LIG Investment & Securities, said foreign and institutional buying drove up the index. Foreigners remained net buyers of local stocks, purchasing more than 120 billion won (US$104 million) and institutions bought shares worth more than 158 billion won.

Investment sentiment has improved as foreigners and institutions bought South Korean shares, added Bae Sung-young, a market analyst at KB Securities Co. The analyst has stated that the lead gainers, including Samsung Electronics, gained amid expectations that earnings could be good this year.

Top cap Samsung Electronics climbed 0.72 percent to 1,947,000 won and No. 1 automaker Hyundai Motor was up 0.67 percent to 151,000 won.

Meanwhile, state-run utility firm Korea Electric Power Corp. declined 0.12 percent to 43,000 won and top auto parts maker Hyundai Mobis was down 0.38 percent to 260,000 won.

The local currency closed at 1,146.10 won against the US dollar, up 1.40 won from the previous session‘s close.

(theinvestor@heraldcorp.com)