Seoul shares edge up despite tech slump amid BOK's surprise rate cut
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap)
South Korean stocks ended slightly higher Thursday, despite big-cap tech losses, as investors assessed the Bank of Korea's surprise back-to-back policy rate cut to spur growth. The local currency rose against the US dollar.
The benchmark Korea Composite Stock Price Index (Kospi) added 1.61 points, or 0.06 percent, to close at 2,504.67, ending a two-day losing streak.
Trade volume was a bit slim at 333.44 million shares worth 7.37 trillion won (US$5.28 billion), with winners outnumbering losers 514 to 361.
Foreigners sold a net 492.42 billion won worth of shares, while institutions and retail investors bought a net 339.09 billion won and 78.36 billion won, respectively.
The index opened lower, tracking overnight losses on Wall Street, and moved within a tight range throughout the session.
The BOK unexpectedly slashed its policy rate for a second time in a row to help prop up the economy amid a slowdown in exports growth and uncertainties regarding the new Donald Trump administration's expected protectionist measures.
Big-cap shares closed mixed, with shares of chipmakers coming under downward pressure.
Tech giant Samsung Electronics fell 1.42 percent to 55,500 won, while major chipmaker SK hynix plunged 4.28 percent to close at 161,100 won.
But leading electric vehicle battery maker LG Energy Solution rose 0.5 percent to 402,500 won, and leading chemicals producer LG Chem went up 1.33 percent to 305,000 won.
Bio shares gathered ground on cheaper borrowing costs. Major pharmaceutical firm Samsung Biologics surged 4.93 percent to 1,000,000 won, and Celltrion soared 4.84 percent to 186,400 won.
Carmakers ended mixed, with local industry leader Hyundai Motor slipping 0.9 percent to 219,000 won, while its sister affiliate Kia advanced 0.74 percent to 95,000 won.
Top steelmaker POSCO Holdings shed 0.67 percent to 295,500 won, but internet platform giant Naver added 0.74 percent to 204,500 won.
The local currency was trading at 1,395.6 won against the greenback at 3:30 p.m., up 1.4 won from the previous session. (Yonhap)
