Seoul: South Korean stocks concluded Thursday with a modest increase, breaking their four-day losing streak, despite a continuing decline in Samsung Electronics shares due to foreign sell-offs. The benchmark Korea Composite Stock Price Index (KOSPI) inched up by 1.78 points, or 0.07 percent, closing at 2,418.86. This marks a slight recovery from a one-year low experienced in the previous session. According to Yonhap News Agency, the KOSPI had been declining for four consecutive days, influenced by uncertainties following Donald Trump's victory in the U.S. presidential election. The financial market in Korea witnessed an adjusted trading schedule, opening an hour later than usual at 10 a.m. and closing at 4:30 p.m. to accommodate the national college entrance exam. The trading volume was substantial, with 628.4 million shares worth 12.6 trillion won (US$9 billion) changing hands. Foreign and retail investors sold a combined 338.64 billion won in local shares, counteracting institutions' purchases totaling 2 76 billion won. Tech giant Samsung Electronics fell by 1.38 percent to 49,900 won, dropping below the 50,000 won level for the first time since June 2020, as foreign investors sold the stock for the 12th consecutive session. Meanwhile, SK hynix, Samsung's chipmaking competitor, saw its shares decline by 5.41 percent to 173,000 won, following an overnight drop in semiconductor shares on Wall Street. In contrast, LG Energy Solution, a leading battery maker, rose by 2.43 percent to 422,000 won, while its smaller competitor, Samsung SDI, increased by 3.52 percent to 264,500 won. Steel giant POSCO Holdings experienced a significant gain of 7.27 percent to 310,000 won, and shipbuilder HD Hyundai Heavy surged by 9.41 percent to 217,500 won. Korea Zinc, the world's largest zinc smelter currently in a management control dispute, also saw an increase of 4.49 percent to 1.03 million won. The local currency was trading at 1,405.1 won against the US dollar as of 3:30 p.m., a slight rise of 1.5 won from the previous sess ion, as currency authorities pledged to address excessive foreign exchange volatility. The Korean won has been hovering around the key psychological level of 1,400 won for several days.
Seoul Shares Inch Higher as Samsung Electronics Struggles.
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