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Seoul shares end higher on tech gains on 1st day of 2024

By Yonhap

Published : Jan. 2, 2024 - 16:16

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)

Seoul shares closed higher Tuesday, the first trading day of the year, helped by tech gains and an improving global appetite for risky assets. The Korean won fell against the US dollar.

The benchmark Korea Composite Stock Price Index rose 14.53 points, or 0.55 percent, to close at 2,669.8, extending its winning streak to a fourth day.

Trade volume was moderate at 404.2 million shares worth 9.5 trillion won ($7.3 billion), with decliners outpacing gainers 449 to 436.

Institutions and foreigners bought a combined 341 billion won worth of stocks, offsetting individuals' stock selling valued at 346 billion won.

Foreign purchases of tech stocks in the Korean market helped boost the main index to end in positive territory, analysts said.

The Korean stock market got a boost from an improving appetite for emerging market stocks amid growing bets that the US Federal Reserve would cut interest rates this year, they said.

In Seoul, tech, airline and shipbuilding stocks led gains.

Market behemoth Samsung Electronics Co. rose 1.4 percent to 79,600 won, No. 2 chipmaker SK hynix Inc. climbed 0.6 percent to 142,400 won, panel maker LG Display Co. jumped 4.8 percent to 13,350 won, Hanjin KAL Corp., the parent firm of Korean Air Co., jumped 7.4 percent to 78,200 won and Samsung Heavy Industries Co. gained 1.4 percent to 7,860 won.

Among decliners, top carmaker Hyundai Motor Co. fell 1.5 percent to 200,500 won, its affiliate Kia Corp. declined 2.4 percent to 97,600 won, state utility Korea Electric Power Corp. dropped 0.3 percent to 18,840 won and cosmetics firm AmorePacific Corp. shed 2.6 percent to 141,200 won.

The local currency closed at 1,300.40 won against the greenback, down 12.4 won from the previous session's close. (Yonhap)