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Seoul stocks close higher on tech gains

All News 15:52 December 04, 2017

SEOUL, Dec. 4 (Yonhap) -- South Korean stocks rose Monday as Samsung Electronics and other tech stocks advanced, marking the first gain after three successive losses. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.26 points, or 1.06 percent, to close at 2,501.67. Trade volume was moderate at 320 million shares worth 5.93 trillion won (US$5.45 billion).

The local stock market opened higher as institutional investors remained net buyers.

Investor sentiment was also buoyed by news that the U.S. Senate passed a tax-cut bill.

Seo Sang-young, an analyst at Kiwoom Securities, said semiconductor stocks rebounded over expectations that worldwide semiconductor sales will remain strong by the end of this year.

The U.S. Senate's passage of tax-cut legislation also had positive effect on the local stock market, the analyst said.

Samsung Electronics rose 0.98 percent to end at 2,567,000 won, and SK hynix, a global chipmaker, jumped 2.2 percent to 79,100 won.

Naver, the operator of the country's top Internet portal, climbed 0.96 percent to 839,000 won.

Automakers traded in negative terrain, with industry leader Hyundai Motor down 0.62 percent to 160,500 won, and its smaller affiliate Kia Motors edging down 0.15 percent at 33,100 won.

The local currency closed at 1,088.70 won against the U.S. dollar, down 2.3 won from the previous session's close.

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