Seoul: Seoul’s stock market saw a positive shift late Monday morning, driven by institutional investors. The upward movement in the local bourse followed a favorable close on Wall Street at the end of last week, signaling a potentially optimistic outlook for the Korean market.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) experienced a notable increase, rising by 19.99 points or 0.8 percent, reaching 2,613.81 by 11:20 a.m. This rise was influenced by substantial institutional buying amounting to a net 236 billion won (approximately US$173 million). This buying spree helped counterbalance the selling activities by foreigners and individuals, which totaled 213 billion won.
The positive trend in the U.S. markets on Friday also seemed to contribute to investor confidence in Seoul. The Dow Jones Industrial Average slightly rose by 0.09 percent to 43,275.91, while the tech-heavy Nasdaq Composite advanced by 0.63 percent to 18,489.55.
In the local market, large-cap stock
s displayed mixed results. Key players such as Hyundai Motor Co. and Korean Air Co. saw their stocks increase by 0.9 percent and 2.2 percent, respectively. Similarly, LG Chem Ltd. and Jeju Air Co. also recorded gains of 1.5 percent and 2.3 percent. However, not all major companies experienced growth. Samsung Electronics Co., for instance, dropped by 0.2 percent, and both Samsung Heavy Industries Co. and Hyundai Steel Co. saw decreases in their stock prices.
The Korean won also showed strength against the U.S. dollar, trading at 1,368.15 won, an increase of 1.6 won from the previous session. This robust performance of the won might contribute further to the investment landscape in the region.