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Seoul stocks rebound on eased valuation pressure, virus woes

Stocks 16:01 March 25, 2021

SEOUL, March 25 (Yonhap) -- South Korean stocks snapped their four-day losing streak Thursday as investors bought undervalued shares on expectations of a rebound amid eased virus concerns. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.98 points, or 0.4 percent, to close at 3,008.33 points.

Trading volume was moderate at about 922 million shares worth some 13.1 trillion won (US$11.6 billion), with gainers outnumbering losers 460 to 374.

Foreigners sold a net 82 billion won, while retail investors purchased a net 217 billion won. Institutions offloaded a net 132 billion won.

The stock market expanded gains after a lackluster start, though North Korea launched two projectiles into the East Sea.

Strong individual buying backed the KOSPI's gains, aided by eased valuation concerns and eased coronavirus curbs in Europe.

"Investors seem to have taken positive notes from improving U.S. economic indices and Germany's withdrawal of its economic shutdown proposal," Kiwoom Securities analyst Seo Sang-young said.

In Seoul, market kingpin Samsung Electronics advanced 0.25 percent to 81,200 won, while No. 2 chipmaker SK hynix lost 0.37 percent to 133,000 won.

Top automaker Hyundai Motor retreated 1.36 percent to 218,000 won, but leading chemical firm LG Chem climbed 0.51 percent to 788,000 won.

Pharmaceutical giant Samsung Biologics moved up 0.28 percent to 718,000 won, with Celltrion advancing 2.5 percent to 307,500 won.

Internet portal operator Naver shed 1.81 percent to 380,000 won, and its rival Kakao declined 1.42 percent to 485,000 won.

The local currency closed at 1,133.3 won to the U.S. dollar, up 0.35 won from the previous session's close.

jwc@yna.co.kr
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