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The Korea Herald
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THE INVESTOR
March 28, 2024

Market Now

Seoul shares edge up on foreign buying

  • PUBLISHED :February 23, 2017 - 16:03
  • UPDATED :February 23, 2017 - 16:03
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[THE INVESTOR] South Korean stocks finished slightly higher on Feb. 23 as investors took a wait-and-see approach after the central bank‘s rate freeze this month and ahead of additional US rate hikes this year.

The benchmark KOSPI gained 1.02 points, or 0.05 percent, to 2,107.63. 

The broad index tracked overnight gains on Wall Street. The Dow Jones industrial average advanced 0.16 percent.

“Foreign buying gave a boost to the stock markets,” said Kim Ye-eun, an analyst at Cape Investment & Securities.

Foreigners remained net buyers of local stocks, purchasing more than 31 billion won (US$27 million), while institutions sold shares worth more than 55 billion won.

Earlier in the day, the Bank of Korea maintained its policy rate at an all-time low of 1.25 percent for the eighth consecutive month in February.

Most large-cap stocks were mixed across the board.

State-run utility firm Korea Electric Power Corporation advanced 0.35 percent to 43,350 won, and Naver, the top Internet portal operator, gained 1.38 percent to 808,000 won.

Meanwhile, market bellwether Samsung Electronics fell 0.31 percent to 1,959,000 won, and top automaker Hyundai Motor was down 2.34 percent to 146,000 won.

The local currency closed at 1,137.30 won against the US dollar, up 5.30 won from the previous session’s close.

(theinvestor@heraldcorp.com)

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