April 26, 2024

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[THE INVESTOR] Korean stocks continued a rally on May 11, analysts said. The local currency rose against the US dollar.

The benchmark KOSPI expanded 13.55 points, or 0.55 percent, to close at 2,477,71, posting gains for two sessions in a row. Trade volume was high at 591.6 million shares worth 7.48 trillion won (US$7 billion), with winners sharply outnumbering decliners 617 to 206.  

Financial shares spearheaded the rally, as Samsung Life Insurance went up 2.23 percent to 114,500 won and Hyundai Marine & Fire Insurance added 2.7 percent to 38,000 won.

Major brokerage NH Investment & Securities jumped 5.1 percent to 16,500 won, and Mirae Asset Daewoo vaulted 5.35 percent to 10,050 won.

Top carmaker Hyundai Motor climbed 0.65 percent to 153,000 won after US activist fund Elliott Management announced a plan to vote against the auto company’s restructuring scheme. Its auto parts affiliate Hyundai Mobis moved up 2.38 percent to 237,000 won.

Samsung Biologics, the biotech unit of Samsung Group, fell 0.77 percent to 386,500 won amid its snowballing accounting fraud scandal, while biosimiliar firm Celltrion grew 0.39 percent to 260,000 won.

The local currency closed at 1,069.30 won against the US dollar, up 3.8 won from the previous session’s close.

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