April 19, 2024

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[THE INVESTOR] Korea’s main bourse ended higher on April 19 as foreign investors welcomed signs of easing tensions on the Korean peninsula and upbeat prospects for tech firms’ earnings. The Korean won strengthened against the US dollar.

The benchmark KOSPI added 6.12 points, or 0.25 percent, to close at 2,486.1. Trade volume was high at 718.26 million shares worth 9.99 trillion won (US$9.41 billion), with gainers outnumbering losers 457 to 361.

Foreign investors bought a net 176.84 billion won along with retailers who picked up shares worth 65.49 billion won, which offset a sell-off by institutions of 228.97 billion won.

Large tech firms pulled up the index, though big-cap shares saw mixed fortunes.

Market bellwether Samsung Electronics soared 2.76 percent to 2,639,000 won, and its smaller rival LG Electronics moved up 1.92 percent to 106,000 won. Top chipmaker SK hynix also surged 3.9 percent to 87,900 won.

Construction stocks jumped on hopes of improved inter-Korean relations that would boost their chances of doing business in cooperation with North Korea.  

Hyundai Engineering & Construction grew 12.2 percent to 49,650 won, and Namkwang Engineering & Construction jumped 29.93 percent to 26,050 won. Namkwang operated a steel factory in the joint industrial park of the North Korean city, Kaesong.

KB Financial Group surged 1.87 percent to 60,000 won on hopes for upbeat first-quarter earnings. After the market closed, the banking group said its net profit in the first quarter rose 11.3 percent on-year to 968.2 billion won.

But biotech stocks dived, limiting the upturn, after experts warned of a possible bubble bursting in the biotech industry following their recent rallies.

Samsung Biologics sank 5.94 percent to 507,000 won, and Celltrion, a major pharmaceutical firm, tumbled 6.33 percent to 266,500 won.

The local currency closed at 1,061.50 won against the US dollar, up 7.20 won from the previous session’s close.

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