April 19, 2024
Market Now
Seoul stocks rebound as North Korean woes abate
[THE INVESTOR] South Korean stocks rebounded on Aug. 14 as local institutional investors remained net buyers of stocks amid abating signs of tension between the US and North Korea.
The Korean won rose against the US dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.51 points, or 0.63 percent, to close at 2,334.22. Trade volume was moderate at 209 million shares worth 4.56 trillion won (US$4 billion).
The local stock market opened higher on bargain-hunting. Last week, the KOSPI fell 3.1 percent amid an escalating war of words between US President Donald Trump and North Korean leader Kim Jong-un.
Seo Sang-young, an analyst at Kiwoom Securities, said the possibility of further heightened tension between North Korea and the U.S. is limited amid media reports that the two nations have taken up “engagement in back-channel diplomacy.”
“In the local stock market, the possibility is high for some investors to seek to buy stocks that were hit by this round of tension between North Korea and the US,” Seo said.
Top cap Samsung Electronics rose 0.85 percent to end at 2,250,000 won, and SK hynix, a global chipmaker, jumped 6.03 percent to 65,100 won.
Naver, the operator of the country‘s top Internet portal, shed 2.01 percent to 779,000 won.
Hyundai Motor, the country’s top automaker, gained 1.76 percent to 144,500 won, and its smaller affiliate Kia Motors rose 1.42 percent to 35,700 won.
The local currency closed at 1,139.70 won against the US dollar, up 3.8 won from the previous session‘s close.
By Alex Lee and newswires (alexlee@heraldcorp.com)
