Seoul stocks end higher on 1st session of 2022

SEOUL, Jan. 3 (Yonhap) — South Korean stocks finished higher Monday, the first trading session of 2022. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.12 points, or 0.37 percent, to close at 2,988.77 points.

Trading started an hour later at 10 a.m. Monday due to the New Year’s opening ceremony and closed at 3:30 p.m.

Trading volume was moderate at about 429 million shares worth some 8.1 trillion won (US$6.8 billion), with gainers outnumbering losers 656 to 187.

Foreigners bought a net 270 billion won and retail investors purchased 523 billion won, while institutions bought a net 815 billion won.

The KOSPI came off to a bullish start amid rosy expectations of corporate earnings. The key index briefly topped the 3,000-point mark on tech and chemical advances.

The main key index pared its gains in the late morning, taking a cue from reports that shares of Evergrande Group, a debt-laden Chinese major property developer, were suspended in Hong Kong.

“Foreign buying of KOSPI futures decreased after Hong Kong stocks retreated,” Shinhan Investment analyst Choi Yoo-joon said, adding the Evergrande case raised investors’ caution in the Asian financial markets.

Market bellwether Samsung Electronics added 0.38 percent, while No. 2 chipmaker SK hynix decreased 1.91 percent.

Electric car battery maker LG Chem gained 0.49 percent, and pharmaceutical giant Samsung Biologics advanced 0.89 percent.

Among losers, internet portal operator Naver lost 0.66 percent, and Samsung SDI retreated 0.76 percent.

The local currency closed at 1,191.8 won to the U.S. dollar, down 3 won from the previous session’s close.

The article from the source


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