Seoul shares jump over 1.3% on tech gains, Trump's pick for treasury post
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap)
South Korean stocks rose more than 1.3 percent Monday as investors hunted for big-cap tech bargains amid hopes for the new Donald Trump administration's softer approach to tariffs. The local currency fell against the US dollar.
The benchmark Korea Composite Stock Price Index added 33.1 points, or 1.32 percent, to close at 2,534.34.
It marked the highest level since Nov. 8, when the index closed at 2,561.15.
Trade volume was heavy at 535.26 million shares worth 12.54 trillion won ($8.95 billion), with winners outnumbering losers 612 to 279.
The index opened higher and had extended gains further as institutions purchased a net 453.88 billion won worth of shares.
But individuals and foreigners sold a net 451.81 billion won and 75.25 billion won of shares, respectively.
Investors welcomed Trump's nomination of Scott Bessent as his treasury secretary, as the hedge fund manager is expected to take a more gradual approach to tariffs, according to experts.
"The recent fall was excessive despite uncertainties stemming from potential policy changes of the new US administration," Shin Seung-jin, an analyst from Samsung Securities, said.
Tech giant Samsung Electronics led the overall market gains by surging 3.39 percent to 57,900 won on news that Nvidia CEO Jensen Huang said the company is working "as fast as it can" to certify Samsung's artificial intelligence memory chips.
SK hynix edged up 0.17 percent to 177,000 won.
Leading electric vehicle battery maker LG Energy Solution soared 3.58 percent to 419,500 won, and LG Chem advanced 2.85 percent to 306,500 won.
Carmakers traded mixed as top automaker Hyundai Motor rose 0.92 percent to 219,000 won, while its sister affiliate Kia shed 0.61 percent to 97,200 won.
Major bio shares gathered ground, with Samsung Biologics climbing 2.57 percent to 958,000 won and Celltrion increasing 1.9 percent to 176,800 won.
Top steelmaker Posco Holdings lost 0.66 percent to 301,500 won, but Internet platform giant Naver grew 1.68 percent to 193,200 won.
The local currency was trading at 1,402.2 won against the greenback at 3:30 p.m., down 0.4 won from the previous session.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 4.3 basis points to 2.773 percent, and the return on the benchmark five-year government bonds dropped 4.8 basis points to 2.824 percent. (Yonhap)
