April 25, 2024

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[THE INVESTOR] Korean stocks closed higher on April 9 as institutions scooped up local shares with upbeat earnings prospects amid lingering uncertainties over rising trade disputes between the United States and China. The Korean won rose against the US dollar.

The benchmark KOSPI scored 14.5 points, or 0.6 percent, to close at 2,444.08. Trade volume was moderate at 330.87 million shares worth 6.53 trillion won (US$6.11 billion), with losers outnumbering gainers 463 to 365.
 
Institutions bought a net 116.98 billion won worth of local stocks, while foreigners and retail investors offloaded a net 59.07 billion and 56.06 billion, respectively.

Market behemoth Samsung Electronics advanced 1.65 percent to 2,460,000 won, and SK hynix, a global chipmaker, went up 0.37 percent to 80,600 won.

Leading biotech shares rallied on hopes for strong earnings to support the overall market.

Celltrion, a major pharmaceutical firm, rose 4.79 percent to 306,000 percent, and Samsung Biologics, Samsung‘s health care unit, jumped 8.29 percent to 562,000 won.

Construction shares gained. GS Engineering & Construction skyrocketed 14.99 percent to 33,750 won, and Daewoo Engineering & Construction surged 4.79 percent to 43,750 won.

Samsung Securities dropped 3 percent to 37,200 won as the nation’s financial regulator said it will investigate the securities firm over mistakenly paying its stocks as dividends to its employees late last week. The “fat-finger” trading chaos allowed banned naked short selling orders to be processed and raised questions about the safety of the country’s overall trading system.

STX Offshore & Shipbuilding, a cash-strapped shipbuilder, slipped 3 percent to 5,180 won, while negotiations were under way over its self-rescue plan.

The local currency ended at 1,067.10 won against the greenback, up 2.50 won from the previous session’s close.

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