Seoul shares up for 3rd day on bargain hunting amid political turmoil
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 jumped more than 1.6 percent Thursday, extending their winning streak to the third consecutive session, amid lingering uncertainties over the possible impeachment of President Yoon Suk Yeol due to his botched martial law declaration. The local currency rose slightly against the US dollar.
The benchmark Korea Composite Stock Price Index (Kospi) jumped 1.62 percent, or 39.61 points, to close at 2,482.12.
Trade volume was moderate at 651.7 million shares worth 11.86 trillion won (US$8.3 billion), with winners outnumbering losers 616 to 277.
Institutions led the Kospi's increase, net purchasing 150.9 billion won worth of shares, while retail investors and foreigners unloaded 244.5 billion won and 24.6 billion won, respectively.
"The Kospi will see volatility on concerns over the political turmoil surrounding the impeachment motion against the president, but investors have moved to pick up bargains on beliefs that the recent decline in the stock market was excessive considering that the country's financial system and the economy remain solid," Lee Kyoung-min, an analyst at Daishin Securities, said.
The three-day winning streak came after the Kospi crashed for four straight sessions through Monday amid the ongoing political turmoil sparked by Yoon's surprise martial law declaration on Dec. 3.
Blue chip tech shares drove up the Kospi, tracking overnight tech gains on Wall Street.
Tech behemoth Samsung Electronics soared 3.52 percent to 55,900 won, and its chipmaking rival SK hynix jumped 2.5 percent to 176,100 won.
Leading battery maker LG Energy Solution shot up 7.01 percent to 404,500 won, with major chemical producer LG Chem climbing 1.9 percent to 267,500 won.
Top automaker Hyundai Motor also climbed 1.2 percent to 211,500 won, while its sister Kia added 0.73 percent to 97,200 won.
Financial shares were also bullish, with KB Financial up 1.87 percent to 87,000 won, and Samsung Life Insurance surging 2.36 percent to 103,900 won.
But internet portal operator Naver lost 4.59 percent to 208,000 won, while Kakao, the operator of the country's dominant mobile messenger, dipped 2.02 percent to 43,700 won on profit taking.
Korea Zinc, the world's largest zinc smelter in the middle of a management control battle, lost 2.92 percent to 1.36 million won.
The local currency was trading at 1,431.9 won against the dollar at 3:30 p.m., up 0.3 won from the previous session. (Yonhap)
