Seoul shares end higher on institutional buying amid recession woes

SEOUL, Sept. 8 (Yonhap) -- Seoul shares ended higher Thursday helped by institutional buying amid worries over the Fed's aggressive rate hikes and their impact on the global economy. The Korean won rose against the U.S. dollar.

The Korea Composite Stock Price Index (KOSPI) rose 0.33 percent, or 7.82 points, to 2,384.28. Trading volume was moderate at 410.57 million shares worth 8.79 trillion won (US$6.3 billion), with gainers outpacing decliners 508 to 333.

The main index rebounded from a 1.4 percent decline in the previous session amid the dollar's strength and growing worries over the Fed's planned rate hikes to tackle inflation.

"Institutional stock purchases were the main upside factor for the main index in today's session," Park Hee-cheol, an analyst at Mirae Asset Securities Co., said.

Institutions and individuals bought a combined 641 billion won worth of stocks, offsetting foreign selling valued at 651.4 billion won.

Large-cap stocks were mixed across the board.

Market bellwether Samsung Electronics Co. fell 0.7 percent to 55,600 won, No. 2 chipmaker SK hynix Inc. ended unchanged at 90,400 won, and top carmaker Hyundai Motor Co. fell 1 percent to 200,000 won.

Helped by the financial authorities' possible market intervention, the won closed higher against the dollar Thursday after falling in the previous five sessions.

The local currency closed at 1,380.80 won against the U.S. dollar Thursday, up 3.40 won from the previous session's close.

kyongae.choi@yna.co.kr
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