April 26, 2024

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[THE INVESTOR] South Korean stocks marked the third day of gains on Aug. 17, helped by foreign and retail buying. The Korean won rose against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.41 points, or 0.57 percent, to close at 2,361.67. Trade volume was moderate at 226 million shares worth 4.42 trillion won (US$3.88 billion)

The local stock market opened higher, tracking gains on Wall Street overnight.

Seo Sang-young, an analyst at Kiwoom Securities, projected the local stock market will remain stable.

Seo said the market may show a largely range-bound session for the time being due to a decline in global oil prices and political uncertainties in the US.

Samsung Electronics rose 1.82 percent to end at 2,352,000 won, and SK hynix, a global chipmaker, gained 0.45 percent to 66,400 won.

Naver, the operator of the country‘s top Internet portal, shed 1.27 percent to 777,000 won.

Automakers traded in negative terrain, with industry leader Hyundai Motor down 0.35 percent to 144,000 won, and its smaller affiliate Kia Motors dipping 0.56 percent to 35,250 won.

The local currency closed at 1,137.20 won against the US dollar, up 4.3 won from the previous session’s close.

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