SEOUL, Sept. 7 (Yonhap) — South Korean shares rebounded Monday, led by an advance in top cap Samsung Electronics and some bio stocks. The Korean won rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.97 points, or 0.67 percent, to close at 2,384.22.
Trading volume was moderate at about 1.2 billion shares worth some 16.9 trillion won (US$14.2 billion), with gainers outnumbering losers 641 to 224.
Foreigners sold a net 247 billion won, while retail investors purchased a net 543 billion won. Institutions offloaded a net 297 billion won.
The KOSPI rebounded from a 1.15 percent plunge the previous session, despite growing stock price valuation concerns.
“The tech losses on Wall Street affected Asia stocks in general but had limited influence over South Korean stocks, thanks to strong chip advances,” Shinhan Financial Investment analyst Choi Yoo-joon said.
A slowdown in daily COVID-19 cases also helped boost investor sentiment.
The country added 119 more COVID-19 cases as of Monday, marking a sharp fall from 167 additional cases reported Sunday and the fewest in nearly a month.
On Friday, South Korean authorities decided to extend the enhanced social distancing scheme by a week to Sept. 13, to curb the new infection rate.
In Seoul, most large caps closed lower.
Market bellwether Samsung Electronics added 1.62 percent to 56,500 won, following news that the tech behemoth will supply network equipment to U.S. telecommunications giant Verizon for 7.89 trillion won (US$6.6 billion).
No. 2 chipmaker SK hynix shed 0.38 percent to 78,400 won.
Top pharmaceutical firm Samsung Biologics gained 0.39 percent to 776,000 won, and Celltrion spiked 3.74 percent to 305,000 won.
Internet portal giant Naver sank 4.26 percent to 314,500 won, with its rival Kakao dipping 2.49 percent to 392,000 won.
Leading chemical maker LG Chem fell 3.1 percent to 720,000 won, and rechargeable battery maker Samsung SDI dropped 2.05 percent to 430,000 won.
Hyundai Motor, the country’s largest automaker, fell 1.45 percent to 170,000 won, while top steelmaker POSCO advanced 1.08 percent to 188,000 won.
The local currency closed at 1,188.3 won per dollar, up 1.3 won from the previous session’s close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 4.4 basis points to 0.973 percent, and the return on the benchmark five-year government bond added 3.8 basis points to 1.263 percent.