Seoul: Seoul shares ended their three-day losing streak on Monday, buoyed by investors seeking bargains after a positive performance in the U.S. stock markets. Meanwhile, the Korean won depreciated to its lowest level in over two months against the U.S. dollar.
According to Yonhap News Agency, the Korea Composite Stock Price Index (KOSPI) increased by 11.1 points, or 0.43 percent, closing at 2,604.92. The trading volume was recorded at 235.86 million shares, valued at approximately 7.6 trillion won (US$5.5 billion). The market saw a balanced play between winners and losers, with 434 stocks advancing and 427 declining. Institutional and foreign investors were net buyers, purchasing 284 billion won worth of stocks, which surpassed the sales by individual investors by 19 billion won.
The U.S. markets’ performance on Friday contributed to the positive sentiment in Seoul. The Dow Jones Industrial Average rose by 0.09 percent to 43,275.91, and the Nasdaq Composite increased by 0.63 percent to 18,489.55. This upli
ft in the U.S. was supported by strong economic data and expectations of further rate cuts by the Federal Reserve, which in turn helped boost investor confidence in Seoul.
Among the significant movers in the KOSPI, major companies showed mixed results. Hyundai Motor Co. experienced a 1 percent increase to 237,000 won. Korean Air Co. advanced by 1.9 percent to 23,600 won, and LG Chem Ltd. saw a modest rise of 0.6 percent to 330,500 won. Additionally, Jeju Air Co. increased by 2.8 percent to 9,050 won. On the other hand, market leader Samsung Electronics Co. saw a slight decline of 0.3 percent to 59,000 won, while Samsung Heavy Industries Co. and Hyundai Steel Co. also faced losses.
The Korean won weakened, trading at 1,375.20 against the U.S. dollar by the afternoon, marking a decrease of 5.5 won from the previous session. In the bond market, prices rose as yields dropped slightly, with the yield on three-year Treasurys falling by 0.6 basis point to 2.902 percent and the five-year government bonds decreasing
by 0.8 basis point to 2.963 percent. This movement in the bond market reflects a cautious but optimistic outlook among investors regarding the future of interest rates and economic conditions.