KOSPI rises to yearly high on foreign buying

SEOUL, June 8 (Yonhap) -- South Korean shares closed higher Wednesday as foreigners and institutional investors increased their net buying. The local currency rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 15.45 points, or 0.77 percent, to 2,027.08, the highest closing level this year since April 21 when it posted 2023.04.

Trade volume stood at 490 million shares worth 5.7 trillion won (US$4.92 billion), with gainers outnumbering losers 411 to 395.

Foreign and institutional investors bought a combined 315.1 billion won worth of domestic shares on bargain hunting. But individuals sold a net 311.71 billion won.

"It looks like the money flow in finance and investment markets positively affected the (stock) market," said Lee Kyung-min, an analyst at Daeshin Investment & Securities/

Samsung Electronics, the country's top market cap, edge up for the sixth consecutive day to end at 1,406,000 won while top automaker Hyundai Motor closed flat at 139,500 won.

State-run Korea Electric Power Corp. rose 0.83 percent to 60,500 won and leading steelmaker POSCO soared 3.46 percent to 224,500 won.

Samsung SDS, a key IT affiliate of the country's No. 1 conglomerate Samsung Group, also increased for the second consecutive day to 152,500 won.

On Tuesday, the company announced that it is considering splitting off its logistics business in an effort to boost competitiveness.

South Korea's won was last traded at 1,156.20 against the greenback, up 6.10 won from the previous session's close.

khj@yna.co.kr
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