April 26, 2024

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[THE INVESTOR] Korea’s bourse closed higher on March 27 as investors’ sentiment was boosted by the hope of eased tensions between the United States and China over trade. The local currency rose against the US greenback.

The benchmark KOSPI gained 14.98 points, or 0.61 percent, to 2,452.06. Trade volume was moderate at 327 million shares worth 6.18 trillion won (US$5.77 billion), with gainers outpacing losers 598 to 213.

Analysts said Seoul shares gained ground as the world’s top two economies showed signs of reconciliation regarding trade.

Foreigners bought a net 14.1 billion won, with institutions also becoming net buyers at 73.5 billion won. Individuals offloaded a net 85 billion won.

Carmakers closed bullish, with Hyundai Motor increasing 3.01 percent to 154,000 won and auto parts maker Hyundai Mobis jumping 5.38 percent to 245,000 won. Kia Motors advanced 0.95 percent to 31,750 won.

No. 1 steelmaker POSCO also hiked 5.34 percent to 345,500 won, followed by Korea Zinc, which rose 1.68 percent to 483,500 won.

Hyundai Steel also increased 3.56 percent to 52,400 won.

Chemical shares were also among major winners, with LG Chem increasing 0.75 percent to 403,000 won and Amorepacific adding 2.7 percent to 304,500 won. LG Household & Health Care gained 2.02 percent to 1,163,000 won.

Mobile carriers all closed higher, with SK Telecom and KT rising 0.66 percent and 1.11 percent to 228,000 won and 27,250 won, respectively. No. 3 player LG Uplus climbed 0.81 percent to 12,400 won.

Tech shares, on the other hand, mostly closed bearish with market leader Samsung Electronics falling 0.6 percent to 2,499,000 won. No. 2 chipmaker SK hynix decreased 3.1 percent to 81,400 won.

LG Electronics managed to increase 2.29 percent to 11,500 won.

The local currency closed at 1,070.30 won against the US dollar, up 10.80 won from the previous session.

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