April 20, 2024

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[THE INVESTOR] Korean stocks closed mildly higher on Jan. 18 as investors scooped up large-cap tech shares following overnight gains on Wall Street, analysts said. The Korean won fell against the US dollar.

The benchmark KOSPI inched up 0.38 point, or 0.02 percent, to 2,540.51. Trade volume was moderate at 329 million shares worth 4.7 trillion won (US$4.20 billion), with advancers outnumbering losers 473 to 346.

The broad index opened higher taking a cue from overnight gains on Wall Street.

“The US stocks closed higher on the back of upbeat earnings, leading to the increase of the stock market,” said Seo Sang-young, an analyst at Kiwoom Securities. “Noticeably, a sound earnings announcement by chipmakers and other tech firms also led to relevant shares in the local stock market.”

Most large-cap stocks had a mixed day of trading, with tech and bio shares leading the gains.

Top player Samsung Electronics ended at 2,495,000 won, up 0.56 percent from the previous session‘s close. Chipmaker SK hynix also increased 1.48 percent to 752,000 won.

Shares of pharmaceutical companies lost ground, with Samsung BioLogics, a biopharmaceutical affiliate of Samsung Group, was up 0.63 percent to end at 400,000 won.

In contrast, auto stocks closed bearish, with leading automaker Hyundai Motor losing 1.59 percent to 155,000 won, and its sister company, Kia Motors, moving down 0.46 percent to 32,700 won.

The local currency closed at 1,070.77 won against the US dollar, down 1.4 won from yesterday.

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