Seoul: South Korean stocks rose for three straight sessions Tuesday as the robust performance of top-cap Samsung Electronics offset losses from battery and auto shares. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 5.37 points, or 0.21 percent, to 2,617.8, extending its winning streak for the third consecutive session.
According to Yonhap News Agency, trade volume was slim at 335.2 million shares worth 9.1 trillion won (US$6.56 billion), with decliners slightly outnumbering gainers by 441 to 408. Individuals and institutions bought a net 110.7 billion won and 12.8 billion won, respectively, while foreigners sold a net 134.4 billion won. The KOSPI had initially started around 0.5 percent lower but managed to recover as investors showed renewed interest in Samsung Electronics, despite its recent sluggish quarterly performance.
Samsung Electronics, a top market capitalization company, saw its shares rise by 2.58 percent to 59,600 won, while LG D
isplay also experienced a gain of 3.28 percent, closing at 10,700 won. Defense firms were among the notable gainers, with Korea Aerospace Industries jumping 4.33 percent to 57,800 won and Hanwha Aerospace adding 0.93 percent to reach 381,000 won.
Korea Zinc made significant gains, surging 18.6 percent to 1.54 million won amid ongoing management disputes with its largest shareholder coalition, Young Poong, and MBK Partners. Despite these positives, the day was less favorable for EV battery and auto shares, which ended in the red. LG Energy Solution, a leading battery manufacturer, saw its shares decrease by 1.8 percent to 409,000 won, while Samsung SDI fell by 1.29 percent to 344,000 won. Top automaker Hyundai Motor declined by 1.1 percent to 224,000 won, and its sister company Kia dipped by 1.88 percent to 93,700 won.
The Korean won was trading at 1,386.5 won against the greenback at 3:30 p.m., marking a decline of 1.5 won from the previous session.