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 purchased a net 439 billion won worth of local shares, while individuals sold a net 996 trillion won. Institutions added to the buying by acquiring a net 321 billion won.
Seoul shares saw a rebound after breaking a 12-session winning streak the day before, amid concerns that tensions between the United States and Europe over the Danish territory could lead to another round of tariff wars. "Amid growing concerns over another global tariff war, investors avoided risky assets, leading to uncertainty and volatility in the global stock market," commented Lee Kyoung-min, a researcher at Daishin Securities. Despite these global concerns, the strong performance in sectors like semiconductor, automobile, and robotics provided support to the overall index, Lee noted.
Tech shares experienced mixed results, with Samsung Electronics advancing by 2.96 percent to 149,500 won, while SK hynix dropped 0.4 percent to 740,000 won. LG Energy Solution, a leading battery maker, saw its shares decline by 2.11 percent to 394,500 won.
Hyundai Motor witnessed a significant jump of 14.61 percent to 549,000 won, driven by growing investor confidence in its robotics and autonomous driving projects, including developments at its affiliate Boston Dynamics with the next-generation humanoid robot, Atlas. Meanwhile, Hyundai Motor's smaller affiliate Kia climbed 5 percent to 172,100 won, and its auto parts division, Hyundai Mobis, increased by 8.09 percent to 487,500 won.
Monalisa, a hygiene products manufacturer, rose by 1.81 percent to 2,250 won following President Lee Jae Myung's request for the gender minister to consider providing free sanitary pads to those in need, discussed during a Cabinet meeting the previous day.
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. In the bond market, prices closed higher as yields decreased; the yield on three-year Treasurys fell by 5.3 basis points to 3.138 percent, and the yield on five-year government bonds dropped 4.2 basis points to 3.43 percent.