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Seoul stocks snap 3-day losing streak on earnings hope

All News 16:03 October 25, 2021

SEOUL, Oct. 25 (Yonhap) -- South Korean stocks snapped its three-day losing streak Monday amid expectations of strong quarterly earnings. The Korean won rose sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 14.38 points, or 0.48 percent, to close at 3,020.54 points.

Trading volume was moderate at about 782 million shares worth some 10.3 trillion won (US$881 billion), with gainers outnumbering losers 552 to 286.

Foreigners bought a net 36 billion won, while retail investors sold 305 billion won. Institutions purchased a net 259 billion won.

Stocks got off to a weak start, largely in the wake of the U.S. Federal Reserve's signal that the present high-price pressure may not subside soon.

The KOSPI pared its earlier losses on hopes that third-quarter corporate earnings would be better than expected.

POSCO and Hana Financial Group posted consensus-beating earnings.

Top cap Samsung Electronics, SK hynix, Shinhan Financial Group, Hyundai Motor, Kia and other heavyweights are scheduled to release their earnings later this week.

"Stocks may take on an upward momentum depending on how well the season turns out," said Kiwoom Securities analyst Han Ji-young.

In Seoul, market bellwether Samsung Electronics lost 0.28 percent to 70,200 won, while No. 2 chipmaker SK hynix increased 1.52 percent to 100,000 won, a day ahead of its third-quarter earnings report.

Leading car battery firm LG Chem climbed 0.37 percent to 821,000 won, but pharmaceutical giant Samsung Biologics decreased 0.34 percent to 877,000 won. The country's largest carmaker Hyundai Motor moved up 1.69 percent at 211,000 won.

The local currency closed at 1,168.4 won against the U.S. dollar, up 8.7 won from the previous session's close.


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