April 16, 2024

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[THE INVESTOR] South Korean stocks finished at a fresh record high on Oct. 24 as institutions and individuals scooped up market heavyweights on earnings expectations, analysts said. The won rose against the dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.44 point, or 0.02 percent, to close at 2,490.49. The gain was bolstered by robust third-quarter earnings expectations, with a slew of major firms set to release their business performances this week for the July-September period.

Trade volume was moderate at 229.39 million shares worth 4.56 trillion won (US$4.04 billion), with advancers outnumbering decliners 482 to 317.

Institutions and individuals bought a combined 95 billion won.

But foreigners sold a net 101.4 billion won worth of stocks, keeping the main index from rising further.

A large sell-off in the tech sector on Wall Street overnight also affected Seoul tech stocks. Market bellwether Samsung Electronics fell 0.48 percent to 2,702,000 won, and No. 2 chipmaker SK hynix declined 3.42 percent to 81,800 won.

Top carmaker Hyundai Motor shed 0.33 percent to 151,000 won on profit-taking ahead of its earnings release on Oct. 26.

Among gainers, cosmetics giant AmorePacific rose 3.91 percent to 292,000 won, and LG Household & Healthcare  jumped 6.5 percent to a record high of 1,131,000 won. 

The local currency closed at 1,127.40 won against the dollar, up 2.80 won from the previous session‘s close.

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