April 24, 2024

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[THE INVESTOR] Korean stocks close higher on Feb. 13 as foreigners turned to net buyers on upbeat investor sentiment after Wall Street extended its rebound from last week’s massive selloff. The Korean won rose against the US dollar.

The benchmark KOSPI gained 9.81 points, or 0.41 percent, to close at 2,395.19. Trade volume was moderate at 417.09 million shares worth 7.23 trillion won (US$6.66 billion), with losers far outnumbering gainers 575 to 261.

“US shares recouped losses from last week’s steep fall on bargain hunting ahead of the release of the consumer price data, boosting the global equity market,” Min Byung-gyu, an analyst at Yuanta Securities, said.

Offshore traders bought a net 330.03 billion won worth of local stocks, while institutions and retail investors sold a net 186.07 billion won and 165.85 billion won, respectively.

Tech heavyweights rallied for the second consecutive day to support the overall market.

Market bellwether Samsung Electronics jumped 3.98 percent to 2,377,000 won, and SK hynix, a memory chip giant, vaulted 4.3 percent to 77,700 won.

Bio shares had a mixed day. Celltrion, a major pharmaceutical firm, fell 2.81 percent to 294,000 won, surrendering some of its gains.

SK Chemicals advanced 3.88 percent to 107,000 won after signing a US$155 million vaccine license deal with French pharmaceutical giant Sanofi Pasteur.

Auto shares closed down. Hyundai Motor, the nation’s No. 1 automaker, fell 0.97 percent to 152,500 won, and its parts maker Hyundai Mobis dropped 4.06 percent to 224,500 won.

The local currency closed at 1,084.50 won against the dollar, up 0.10 won from the previous session’s close.

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