April 25, 2024

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[THE INVESTOR] South Korean stocks rose slightly on March 23 on the back of net purchases by foreign and institutional investors, ahead of a US healthcare vote that will demonstrate US President Donald Trump‘s ability to deliver economic policies.

The benchmark KOSPI rose 4.42 points, or 0.2 percent, to close at 2,172.72. Trade volume was moderate at 352 million shares worth 5.02 trillion won (US$4.47 billion), with gainers outnumbering losers 407 to 382.

The local stock market opened higher, tracking gains on Wall Street overnight. Investors will pay attention to the March 23 vote in the US House of Representatives on Trump’s healthcare bill, seen as a key test for Trump to push ahead with his agenda.

Seo Sang-young, an analyst at Kiwoom Securities, said foreign investors may maintain their buying mode for the time being, citing the nation‘s recovery in exports.

Top cap Samsung Electronics fell 1.55 percent to end at 2,090,000 won, and SK hynix, a global chipmaker, edged down 0.41 percent to 48,450 won.

Naver, the operator of the country’s top Internet portal, rose 1.77 percent at 864,000 won.

Top automaker Hyundai Motor fell 2.94 percent to 165,000 won, and its smaller affiliate Kia Motors declined 0.4 percent to 37,300 won.

The local currency closed at 1,122.40 won against the US dollar, up 0.9 won from the previous session‘s close.

(theinvestor@heraldcorp.com)