Seoul shares closed higher Monday to snap their three-day slide as investors scooped oversold stocks after U.S. gains. The Korean won fell to the lowest in over two months against the U.S. dollar.

The benchmark Korea Composite Stock Price Index rose 11.1 points, or 0.43 percent, to close at 2,604.92.

Trade volume was moderate at 235.86 million shares worth 7.6 trillion won (US$5.5 billion), with gainers outpacing losers 434 to 427.

Institutions and foreigners bought a combined 284 billion won, exceeding individuals’ stock selling valued at 265 billion won.

On Friday (U.S. time), the Dow Jones Industrial Average gained 0.09 percent to 43,275.91, and the tech-heavy Nasdaq Composite was up 0.63 percent to 18,489.55.

Solid economic data in the U.S. buoyed local stocks, and further rate cut hopes by the Federal Reserve gave a boost to the stock market, analysts said.

Large-cap stocks were mixed.

Top carmaker Hyundai Motor Co. rose 1 percent to 237,000 won, national flag carrier Korean Air Co. gained 1.9 pe
rcent to 23,600 won, LG Chem Ltd. climbed 0.6 percent to 330,500 won, and leading budget carrier Jeju Air Co. was up 2.8 percent to 9,050 won.

?Korea Zinc Inc. jumped 6.4 percent to 877,000 won on news that the Seoul Central District Court once again dismissed an injunction filed by Young Poong Corp. to block Korea Zinc’s share buyback process in the ongoing battle for control of the world’s largest zinc smelter.?

Among decliners, market bellwether Samsung Electronics Co. fell 0.3 percent to 59,000 won, Samsung Heavy Industries Co. declined 0.5 percent to 10,000 won, and Hyundai Steel Co. shed 2 percent to 26,700 won.

The local currency was trading at 1,375.20 won against the greenback at 3:30 p.m., down 5.5 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 0.6 basis point to 2.902 percent, and the return on the benchmark five-year government bonds shed 0.8 basis point to 2.963 percent.

Source: Yonhap News Agency