April 24, 2024

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[THE INVESTOR] Korean stocks finished higher on May 18 as institutional buyers scooped up large-cap shares on news that China had offered to reduce its trade surplus with the United States. The Korean won rose against the US dollar.

The benchmark KOSPI added 12.2 points, or 0.5 percent, to close at 2,460.65. Trade volume was moderately high at 424.4 million shares worth 6.3 trillion won (US$6.10 billion), with gainers outnumbering losers 608 to 225.

Most large-cap shares ended mixed.

Tech shares ended higher, with market bellwether Samsung Electronics adding 0.2 percent to close at 49,500 won after opening lower. SK hynix, a major chipmaker, gained 1.38 percent to end at 87,900 won.

Shares of pharmaceutical companies gained ground with Samsung BioLogics, a biopharmaceutical affiliate of Samsung Group, moving up 2.64 percent to end at 408,000 won. The company and financial authorities held their first session a day earlier to review a regulatory probe into suspected accounting breaches at the company.

Celltrion also added 0.93 percent to end at 270,000 won.

Auto stocks ended higher, with leading automaker Hyundai Motor adding 0.33 percent to 150,000 won and its sister company, Kia Motors, moving up 0.75 percent to 33,750 won. Auto parts maker Hyundai Mobis was up 0.63 percent to 239,000 won.

The local currency closed at 1,077.60 won against the US dollar, up 3.60 won from previous day’s close.

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