![A screen in Hana Bank's trading room in central Seoul showed KOSPI closed Thursday at 2,468.65 points. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2023/01/26/64400ac8-887b-486b-9086-c917fd4bfb1b.jpg)
A screen in Hana Bank’s trading room in central Seoul showed KOSPI closed Thursday at 2,468.65 points. [YONHAP]
Stocks surged more than 1% on Thursday as foreign investors scooped up market heavyweights for corporate earnings season. The won rose against the dollar.
Kospi increased by 40.08 points, or 1.65%, to 2,468.65. Trading volume was 476.2 million shares, worth 8.1 trillion won ($6.58 billion), and gainers fell from 620 to 249 shares.
Foreigners and institutional investors have combined net purchases of 1.6 trillion won in stocks. Private investors sold a net of 1.5 trillion won.
Kospi opened higher and continued to move higher throughout the session, boosting quiet trading on Wall Street overnight and dismal macroeconomic data from the central bank.
South Korea’s economy grew at a pace of 2.6% last year due to weak exports and business investment, according to Bank of Korea data.
Mirae Asset Securities analyst Seo Sang-yong said, “Kospi was driven by gains in the automotive and rechargeable battery sectors as foreigners entered buying mode following the strong performances of Tesla and Hyundai.” Stated.
“Foreign investors have net bought 10 times in a row, which has helped improve investor sentiment,” Mr Seo said.
Daishin Securities analyst Lee Kyoung-min said investors should keep an eye on the upcoming Federal Open Market Committee meeting and next week’s Samsung Electronics conference call.
In Seoul, most market top caps closed higher.
Samsung Electronics rose 0.79 percent to 63,900 won, while rival SK Hynix rose 0.98 percent to 92,300 won.
Shares of automaker Hyundai Motor surged 5.55% to 174,900 won after the afternoon results announcement. Sister Kia also rose 6.62% to 69,300 won.
Biotechnology company Samsung Biologics fell 0.38% to 795,000 won, cosmetics maker LG Household & Healthcare fell 0.68% to 727,000 won, and chemical company Lotte Chemical fell to 0. It was 183,200 won, down 33 percent.
The local currency closed at 1,230.7 won against the dollar, one won lower than the previous day’s close.
The Kosdaq rose 6.59 points (0.90%) to close at 738.94 points.
Bond prices, which move inversely to yields, closed higher. Yields on 3-year Treasuries fell 1.1 basis points to 3.274%, while his benchmark 10-year Treasury yield fell 1.2 basis points to 3.446%.
Seo Ji Eun, Yonhap [seo.jieun1@joongang.co.kr]
