{"id":64531,"date":"2024-04-26T05:00:00","date_gmt":"2024-04-26T00:00:00","guid":{"rendered":"http:\/\/myanmarnewsgazette.com\/?guid=4362f42591edc476c4cfd2a4b2330fbf"},"modified":"2024-04-26T05:00:00","modified_gmt":"2024-04-26T00:00:00","slug":"lead-seoul-shares-rise-1-pct-on-tech-financial-gains-despite-overnight-u-s-losses","status":"publish","type":"post","link":"https:\/\/myanmarnewsgazette.com\/lead-seoul-shares-rise-1-pct-on-tech-financial-gains-despite-overnight-u-s-losses\/","title":{"rendered":"(LEAD) Seoul shares rise 1 pct on tech, financial gains despite overnight U.S. losses"},"content":{"rendered":"
\n South Korean stocks closed higher Friday as investors purchased tech and financial blue chips despite overnight losses on Wall Street. The Korean won fell against the U.S. dollar.<\/p>\n
The benchmark Korea Composite Stock Price Index rose 27.71 points, or 1.05 percent, to 2,656.33. Trade volume was moderate at 443 million shares worth 9.93 trillion won (US$7.21 billion). Winners outpaced losers 460 to 405.<\/p>\n
Institutions and foreign investors combined bought a net 537 billion won, while retail investors unloaded a net 560 billion won worth of shares.<\/p>\n
Overnight, Wall Street lost ground as Meta and other big tech companies retreated as the U.S. economy expanded at a sharply slower-than-expected pace in the first quarter. The S andP 500 dropped 0.5 percent and the tech-heavy Nasdaq shed 0.6 percent, while the Dow Jones Industrial Average fell 1 percent.<\/p>\n
Han JI-young, an analyst at Kiwoom Securities, said the KOSPI apparently gained ground due to the perception of excessive decline in the previous session. The bellw
\nether index fell 1.76 percent on Thursday.<\/p>\n
He also attributed the KOSPI’s rise to the discussions of a possible bipartisan agreement for the National Assembly to pass a two-year deferral for imposing financial investment income taxes.<\/p>\n
In Seoul, tech shares led the overall gains, with market heavyweight Samsung Electronics rising 0.52 percent to 76,700 won and chip rival SK hynix soaring 4.22 percent to 177,800 won.<\/p>\n
Finance stocks enjoyed brisk trading as well, with KB Financial surging 9.67 percent to 76,000 won and Shinhan Financial jumping 7.47 percent to 46,750 won.<\/p>\n
Kia, South Korea’s No. 2 automaker, also climbed 1.37 percent to 118,200 won after reporting stellar earnings for the first quarter.<\/p>\n
In contrast, battery and energy shares traded lower. Top battery maker LG Energy Solution fell 0.13 percent to 372,000 won and leading refiner SK Innovation dropped 0.74 percent to 106,700 won.<\/p>\n
The local currency ended at 1,375.30 won against the greenback, up 0.3 won from the previous session’s close.<\/p>\n
Bond
\nprices, which move inversely to yields, rose. The yield on three-year Treasurys fell 1.2 basis points to 3.531 percent, and the return on the benchmark five-year government bonds dropped 2.3 basis points to 3.602 percent.<\/p>\n
Source: Yonhap News Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
South Korean stocks closed higher Friday as investors purchased tech and financial blue chips despite overnight losses on Wall Street. The Korean won fell against the U.S. dollar.<\/p>\n
The benchmark Korea Composite Stock Price Index rose 27.71 points, or…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"yoast_head":"\n