Seoul: Seoul shares closed higher on Monday, reversing a three-day decline as investors capitalized on lower stock prices following gains in the U.S. market. Meanwhile, the Korean won dropped to its lowest level in over two months against the U.S. dollar.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) increased by 11.1 points, or 0.43 percent, ending the day at 2,604.92. This recovery came as both institutions and foreign investors actively purchased stocks, with their combined buys totaling 284 billion won, surpassing the 265 billion won worth of stocks sold by individual investors.
The trade volume on Monday was recorded at 235.86 million shares, valued at 7.6 trillion won (approximately US$5.5 billion). The number of stocks that advanced slightly exceeded those that declined, with 434 gainers to 427 losers.
The U.S. markets’ performance on Friday also played a role in boosting investor sentiment in Seoul. The Dow Jones Industrial Average saw a slight increase of
0.09 percent to 43,275.91, while the Nasdaq Composite rose by 0.63 percent to 18,489.55. Analysts noted that solid economic data from the U.S. and anticipations of further rate cuts by the Federal Reserve helped to lift spirits in the local market.
Despite the overall market rebound, performance among large-cap stocks was mixed. Hyundai Motor Co. saw a 1 percent increase to 237,000 won, and Korean Air Co. rose by 1.9 percent to 23,600 won. LG Chem Ltd. and Jeju Air Co. also posted gains. However, some leading firms such as Samsung Electronics Co. and Hyundai Steel Co. faced declines.
In the currency market, the Korean won weakened, trading at 1,375.20 won against the U.S. dollar by the late afternoon, which marked a 5.5 won decrease from the previous session. This dip reflects broader concerns about the local currency’s strength amidst varying global economic pressures.