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Seoul stocks edge up after choppy trading amid China uncertainties

All News 15:51 July 28, 2021

SEOUL, July 28 (Yonhap) -- South Korean stocks edged up Wednesday after a choppy session as hopes of strong corporate earnings pared investors' concerns about China's move to regulate tech firms. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.33 points, or 0.13 percent, to close at 3,236.86 points.

Trading volume was moderate at about 857 million shares worth some 11.7 trillion won (US$10.1 billion), with losers outnumbering gainers 590 to 253.

Foreigners sold a net 421 billion won, while retail investors bought 133 billion won. Institutions purchased a net 307 billion won.

The KOSPI got off to a muted start as investor sentiment weakened after tech stocks plunged more than 4 percent in Hong Kong for a second straight session Tuesday.

Hong Kong tech retreated following China's decision to reform its tech industry and property market, which sparked market jitters around the world.

Overnight, the tech-heavy Nasdaq Composite slumped 1.21 percent, with the Dow Jones Industrial Average and the S&P 500 dropping 0.24 percent and 0.47 percent, respectively.

After fluctuating in a tight range, the KOSPI rebounded toward the session's close on strong second-quarter earnings by local large caps.

"Investors are worried that China's regulation of its tech firms and online education industries may spread to other industries," Eugene Investment & Securities analyst Huh Jae-hwan said.

"But the immediate negative impact (from the China move) seems to be coming close to its end," he said.

In Seoul, market kingpin Samsung Electronics added 0.89 percent to 79,200 won, while No. 2 chipmaker SK hynix lost 1.72 percent to 114,000 won.

Internet portal giant Naver moved down 2.21 percent to 442,000 won, and leading carmaker Hyundai Motor decreased 1.11 percent to 222,500 won.

Giant chemical maker LG Chem closed unchanged at 835,000 won, and top pharmaceutical firm Samsung Biologics slid 0.22 percent to 906,000 won.

The local currency closed at 1,154.6 won to the U.S. dollar, down 4.5 won from the previous session's close.

jwc@yna.co.kr
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