April 24, 2024

• 

[THE INVESTOR] Korean stocks rose slightly on Feb. 1 as retail investors were net buyers of local stocks. The Korean won fell against the US dollar.

The benchmark KOSPI added 2.08 points, or 0.08 percent, to close at 2,568.54. Trade volume was moderate at 588 million shares worth 7.77 trillion won (US$7.24 billion).

The local stock market opened higher as investors took their cues from gains on Wall Street overnight.

Market sentiment was buoyed as the U.S. Federal Reserve predicted a stronger economic growth, analysts said.

Kim Byung-yeon, an analyst at NH Investment & Securities, said the stock markets were supported by the Federal Reserve’s comments and US President Donald Trump’s speech that increased expectations for infrastructure investment in the United States.

Samsung Electronics fell 0.16 percent to end at 2,491,000 won, while SK hynix, a global chipmaker, increased 1.22 percent to 74,400 won.

Naver, the operator of the country’s top internet portal, gained 1.43 percent to 923,000 won.

Automakers traded in negative terrain, with industry leader Hyundai Motor down 0.93 percent to 160,500 won and its smaller affiliate Kia Motors dipping 0.87 percent at 34,350 won.

The local currency closed at 1,071.90 won against the US dollar, down 4 won from the previous session’s close.

By Seong Seung-hyun and newswires (ssh@heraldcorp.com)