April 26, 2024

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[THE INVESTOR] Korean stocks closed higher on April 13 on the back of foreign buying as hope for a strong US corporate earnings season lifted investor sentiment in the local market. The Korean won remained unchanged against the US dollar.

The benchmark KOSPI rose 12.36 points, or 0.51 percent, to close at 2,455.07. Trade volume was moderate at 391.73 million shares worth 6.81 trillion won (US$6.36 billion), with gainers outnumbering losers 457 to 347.

Foreign investors bought a net 52.94 billion won worth of local stocks to support the overall market. Institutions and retail investors sold a net 46.93 billion won and 2.5 billion won, respectively.

Tech heavyweights extended their earlier gains.

Market bellwether Samsung Electronics moved up 1.63 percent to 2,490,000 won, and SK hynix, a major chipmaker, inched up 0.24 percent to 84,200 won.

Securities also saw bullish trade.

NH Investment & Securities jumped 5.04 percent to 14,600 won, and Kiwoom Securities picked up 2.69 percent to 114,500 won.

Biotech shares had mixed fortunes, however.

Samsung Biologics, Samsung’s health care unit, edged up 0.88 percent to 570,000 won, while Celltrion, a major pharmaceutical firm, lost 2.85 percent to 290,000 won.

Hanmi Pharmaceutical inched down 0.18 percent to 540,000 won after the firm said it has stopped the development of the lung cancer drug Olita, which has the same efficacy as Tagrisso, made by multinational drugmaker AstraZeneca.

The local currency closed at 1,069.50 won against the US dollar, steady from the previous session’s close.

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