Seoul shares close higher amid U.S. election vote count
SEOUL, Nov. 4 (Yonhap) -- South Korean shares closed higher Wednesday as investors kept a watchful eye on the ongoing vote count of the U.S. presidential election. The Korean won fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.01 points, or 0.6 percent, to close at 2,357.32.
Trading volume was high at about 972.9 million shares worth some 14.7 trillion won (US$12.9 billion), with gainers outnumbering losers 441 to 377.
Foreigners offloaded a net 218.3 billion won of local stocks, and retail investors sold a net 167.2 billion won. Institutions purchased a net 344.1 billion won.
As vote counting for the U.S. election progressed, the local market swung between negative and positive terrain early in the session before gathering ground.
Some analysts have said stock markets favor a win by Democratic nominee Joe Biden, as it could give weight to the Democratic Party's push for a large stimulus deal, which has stalled amid differences with the White House.
Others noted that investors expect a stimulus deal to go through regardless of the election result.
"Whether the Democrats win or the Republicans win, the market nevertheless anticipates additional U.S. stimulus after the presidential election," KB Bank economist Moon Jung-hui said. "If the Republicans win, the stimulus is expected to be relatively smaller but would be available by the end of this year."
In Seoul, most large caps closed higher.
Top pharmaceutical firm Samsung Biologics spiked 4.86 percent to 733,000 won, and Celltrion moved up 4.44 percent to 270,500 won.
Market bellwether Samsung Electronics shed 0.51 percent to 58,500 won, while No. 2 chipmaker SK hynix rose 2.21 percent to 83,200 won.
Internet portal giant Naver jumped 5.48 percent to 298,500 won, and its rival Kakao soared 6.84 percent to 359,500 won.
Hyundai Motor, the country's largest automaker, moved up 0.59 percent to 171,500 won.
Leading chemical maker LG Chem fell 0.91 percent to 650,000 won, while rechargeable battery maker Samsung SDI was flat at 459,500 won.
The local currency closed at 1,137.7 won per U.S. dollar, down 3.6 won from the previous session's close.
yunhwanchae@yna.co.kr
(END)
-
Ateez to drop new Japanese EP next week
-
S. Korea to resume issuing short-term travel visas, e-visas next month
-
Gov't to significantly increase international flights to meet travel demand
-
(2nd LD) BTS wins three Billboard Music Awards, marking 6th year to win an award
-
Crypto investor probed over allegedly visiting house of Terraform's CEO
-
S. Korea to send condolence delegation to UAE over death of president
-
(LEAD) Yoon, PPP lawmakers travel to Gwangju en masse to commemorate 1980 democracy uprising
-
(URGENT) N. Korea says fever symptoms reported among more than 18,000 people Thursday alone amid COVID-19 outbreak
-
(LEAD) Presidential secretary resigns amid controversy over remarks on homosexuality
-
(3rd LD) N. Korea reports 6 COVID-19 deaths amid 'explosive' spread of fever
-
S. Korea to resume issuing short-term travel visas, e-visas next month
-
(LEAD) At least 8 injured in S-Oil refinery explosion in Ulsan: firefighters
-
At least 4 injured in S-Oil refinery explosion in Ulsan: firefighters
-
(2nd LD) 8 injured in S-Oil refinery explosion in Ulsan: firefighters
-
(3rd LD) N. Korean missile or nuclear test very possible during Biden's Asia trip: Sullivan