April 26, 2024

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[THE INVESTOR] South Korean stocks ended higher on Aug. 23 as foreigners increased their stock purchases that offset sell-offs by institutions. The won traded higher against the dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.07 points, or 0.05 percent, to close at 2,366.40. Trade volume was moderate at 225.09 million shares worth 3.918 trillion won (US$3.3 billion), with losers outnumbering winners 479 to 306.

Foreigners and individuals bought a combined 183 billion won (US$162 million) worth of stocks, offsetting 198 billion won worth of shares sold by institutions.

Analysts expect the KOSPI index to move in a tight range this week as all eyes are looking for cues from the US Federal Reserve‘s annual economic policy symposium in Jackson Hole, Wyoming.

Large-cap stocks traded mixed across the board, with bellwether Samsung Electronics advancing 1.02 percent to 2,374,000 won, but top carmaker Hyundai Motor declined 0.34 percent to 146,500 won.

The country’s No. 2 chipmaker SK hynix shed 0.29 percent to 68,000 won, and leading steelmaker POSCO declined 2.79 percent to 330,500 won. 

The local currency closed at 1,131.80 won against the US dollar, up 2.00 won from the previous close.

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