Seoul: South Korean stocks closed slightly higher Thursday, putting an end to a four-day losing streak, although Samsung Electronics faced continued declines due to foreign sell-offs. The benchmark Korea Composite Stock Price Index (KOSPI) gained 1.78 points, or 0.07 percent, to finish at 2,418.86, recovering from a one-year low in the previous session. According to Yonhap News Agency, the KOSPI had been experiencing losses for four consecutive days amid increased uncertainties following Donald Trump's victory in the U.S. presidential election. Trading hours were adjusted due to the national college entrance exam, with the market opening at 10 a.m. and closing at 4:30 p.m. Trading volume was robust, with 628.4 million shares valued at 12.6 trillion won (approximately US$9 billion). Foreigners and retail investors offloaded a combined 338.64 billion won worth of local shares, counterbalanced by institutions purchasing 276 billion won. Samsung Electronics saw a decline of 1.38 percent, dropping to 49,900 won, marking its first fall below the 50,000 won threshold since June 2020 as foreigners sold off the stock for the 12th consecutive session. Its competitor in chipmaking, SK hynix, also experienced a decrease, sliding 5.41 percent to 173,000 won, in line with an overnight decline in semiconductor shares on Wall Street. Analysts noted a trend among investors to acquire blue-chip stocks at bargain prices; however, the continued downturn of Samsung Electronics hindered the KOSPI from achieving more substantial gains. "Samsung Electronics needs to first restore its core competitiveness in D-RAM to push up its stock price," commented Pak Yu-ak, an analyst at Kiwoom Securities. Conversely, LG Energy Solution, a leading battery manufacturer, saw a rise of 2.43 percent to 422,000 won, and Samsung SDI, its smaller competitor, increased by 3.52 percent to 264,500 won. Additionally, steel giant POSCO Holdings surged 7.27 percent to 310,000 won, and shipbuilder HD Hyundai Heavy soared 9.41 percent to 217,500 won. Korea Zin c, recognized as the world's largest zinc smelter currently in a management control battle, also rose 4.49 percent to 1.03 million won. The local currency was trading at 1,405.1 won against the U.S. dollar as of 3:30 p.m., showing an increase of 1.5 won from the previous session, as currency authorities committed to proactively addressing excessive foreign exchange volatility. The Korean won has been fluctuating around the crucial psychological level of 1,400 won for several days. In the bond market, prices closed with mixed results. The yield on three-year Treasurys decreased by 1.0 basis point to 2.929 percent, while the yield on benchmark five-year government bonds increased by 0.2 basis point to 2.986 percent.
Seoul Shares Edge Up Slightly as Samsung Electronics Struggles.
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