April 27, 2024

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[THE INVESTOR] South Korean stocks turned higher late on April 20 as foreigners and institutions went bargain hunting. The won fell against the US dollar. 

The benchmark KOSPI advanced 8.75 points, or 0.41 percent, to 2,147.15 as of 11:20 a.m.

Foreign and institutional investors bought a combined 114.84 billion won (US$100.56 million) worth of stocks, while individuals sold stocks valued at 108.99 billion won, keeping the KOSPI from rebounding further.

The KOSPI ended in negative territory on April 20 following gains in the two previous sessions as investor sentiment was relieved after the US didn‘t designate South Korea as a currency manipulator.

Blue chip stocks led gains. Top carmaker Hyundai Motor jumped 3.28 percent, leading steelmaker POSCO rose 1.53 percent, and No. 1 cosmetics company AmorePacifc advanced 3.21 percent.

Among decliners were tech and refiner stocks. Market bellwether Samsung Electronics fell 1.47 percent, and leading refiner SK Innovation shed 0.92 percent.

The local currency was trading at 1,142.75 won against the US dollar, down 2.55 won from the previous session’s close.

By Alex Lee and newswires (alexlee@heraldcorp.com)