Seoul: Seoul shares closed higher Wednesday as investors hunted for bargains amid looming market volatility sparked by U.S. President Donald Trump's push to take control of Greenland. The local currency gained against the U.S. dollar.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) rose 24.18 points, or 0.49 percent, to close at 4,909.93. Trade volume was moderate at 590 million shares worth 28.8 trillion won (US$19.6 billion), with losers far outpacing gainers 711 to 185.
Foreign investors were net buyers, acquiring 439 billion won worth of local shares, whereas individuals were net sellers, offloading 996 trillion won. Institutions purchased a net 321 billion won. The Seoul share market rebounded after a previous decline that ended a 12-session winning streak, amid concerns of escalating tensions between the United States and Europe over the Danish territory, potentially leading to new tariff disputes.
"Amid growing concerns over another global tariff war, investors avoided risky assets, leading to uncertainty and volatility in the global stock market," Lee Kyoung-min, a researcher at Daishin Securities, commented. However, the semiconductor, automobile, and robotics sectors showed strong performance, supporting the overall index.
In the tech sector, Samsung Electronics rose by 2.96 percent to 149,500 won, while SK hynix saw a slight decrease of 0.4 percent to 740,000 won. LG Energy Solution, a top battery maker, fell by 2.11 percent to 394,500 won.
Hyundai Motor experienced a significant increase of 14.61 percent to 549,000 won, driven by investor optimism regarding its advancements in robotics and autonomous driving, including its affiliate Boston Dynamics' developments. Kia, Hyundai's smaller affiliate, rose by 5 percent to 172,100 won, and Hyundai Mobis, its auto parts arm, climbed 8.09 percent to 487,500 won.
Monalisa, a manufacturer of hygiene products, saw its shares rise by 1.81 percent to 2,250 won following President Lee Jae Myung's request to the gender minister to explore measures for providing free women's sanitary pads to those in need, discussed during a recent Cabinet meeting.
The local currency was quoted at 1,471.3 against the greenback at 3:30 p.m., marking an increase of 6.8 won from the previous session.