Seoul: Seoul shares closed higher Thursday, marking a fourth consecutive session of gains after U.S. President Donald Trump signed a funding bill to conclude the record-long U.S. government shutdown. The Korean won experienced a decline against the U.S. dollar.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) increased by 20.24 points, or 0.49 percent, reaching a close at 4,170.63. The trading volume was moderate, with 421.75 million shares valued at 17.36 trillion won (approximately US$11.8 billion). Gainers surpassed decliners, tallying 475 to 383.
Foreign investors purchased a net 1 trillion won in shares, counterbalancing the net selling by institutions and individuals, who respectively sold 709.19 billion won and 244.1 billion won worth of stocks.
The resolution of the U.S. government shutdown came after a 43-day impasse, as President Trump signed the funding bill following its passage through both the Senate and the House of Representatives.
"Expectations for an end to the U.S. shutdown continued to support investor sentiment, but losses in technology stocks kept the main index from rising further amid a lack of fresh upside momentum," commented Lee Seong-hoon, an analyst at Kiwoom Securities.
In the U.S. market, stocks closed with mixed results. The Dow Jones Industrial Average rose by 1.18 percent, while the Nasdaq Composite, known for its technology focus, decreased by 0.25 percent. Technology shares on Wall Street faced a downturn after SoftBank Group divested its entire stake in Nvidia Corp. to fund artificial intelligence (AI) investments.
"Investors will keep an eye on Nvidia's earnings results to be released next week to take a cue for reorganizing their portfolios," Lee added.
In Seoul, shipbuilding and energy stocks were among the top performers. Leading shipbuilder HD Hyundai Heavy Industries surged by 5.97 percent to 568,000 won, and Samsung Heavy Industries increased by 0.95 percent to 26,500 won. LG Chem saw a rise of 6.61 percent to 419,500 won, while Samsung SDI, the second-largest battery manufacturer, gained 4.04 percent to 334,500 won.
Conversely, market leader Samsung Electronics experienced a decline of 0.29 percent to 102,800 won, with its chip competitor SK hynix also falling by 0.81 percent to 612,000 won. Kia, the second-largest automaker, dropped by 0.51 percent to 118,000 won, and Korea Aerospace Industries, the sole aircraft manufacturer in the country, decreased by 0.58 percent to 103,200 won.
The local currency was quoted at 1,466.20 won against the greenback at 4:30 p.m., reflecting a decrease of 0.5 won from the previous session.