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Seoul stocks end 3-day losing streak; Korean won at over 13-year low

All News 15:58 September 06, 2022

SEOUL, Sept. 6 (Yonhap) -- Seoul shares closed higher on Tuesday, snapping a three-day losing streak, as individuals scooped up large-cap stocks amid concerns over the Federal Reserve's aggressive rate hikes and a global recession. The Korean won tumbled to an over 13-year low against the U.S. dollar.

After choppy trading, the Korea Composite Stock Price Index (KOSPI) rose 0.26 percent, or 6.34 points, to 2,410.02. Trading volume was moderate at 283.43 million shares worth 5.34 trillion won (US$3.9 billion), with gainers outpacing decliners 606 to 249.

Individuals bought a net 86 billion won worth of stocks, offsetting institutions and foreigners' combined selling valued at 93 billion won.

With few fresh-market moving events, retail investors' stock purchases underpinned the main index, analysts said.

Tech, auto and shipbuilding stocks led gains.

Market bellwether Samsung Electronics closed flat at 57,100 won, and No. 2 chipmaker SK hynix Inc. rose 0.8 percent to 91,800 won.

Top carmaker Hyundai Motor Co. climbed 0.5 percent to 201,000 won, and Samsung Heavy Industries Co. jumped 2.1 percent to 5,850 won.

Among decliners, Hanjin KAL Corp, the parent firm of national flag carrier Korean Air Lines Co., fell 5 percent to 44,550 won, state-run Korea Gas Corp. declined 3.3 percent to 41,100 won, and No. 2 steelmaker Hyundai Steel Co. shed 0.6 percent to 32,200 won.

The local currency traded at 1,371.7 won against the U.S. dollar, down 0.3 won from the previous session's close. It marked the lowest figure since April 1, 2009, when it ended at 1,379.5 won.


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