SEOUL: South Korean stocks closed up 0.55 percent on Friday as investors hunted for bargains and gobbled up telecoms, pharmaceuticals and other blue chips, analysts said. The won hit a three-year low against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.13 points to 2,030.16. Trading volume was modest at 443.24 million shares worth 6.22 trillion won (US$5.3 billion), with gainers outnumbering decliners 499 to 314.
The index started weak but trimmed its losses and ended up in positive terrain after moving in a tight range in the final hours of trading.
“Pharmaceutical issues bounced back from their recent crash as investors hunted for bargains but the overall market sentiment seems to have been weighed down by slumping top-ranked shares such as Samsung Electronics,” said Bae Sung-young, a senior analyst at Hyundai Securities.
Foreigners bought a net 160 billion won, while institutions and retail investors remained net sellers. Bae said that foreign buying helped push the index up as it focused on the last few hours.
Leading drug maker Hanmi Pharm ended up 1.52 percent to 400,000 won, reversing from an 11.46 percent plunge the previous day. Green Cross gained 2.8 percent to 220,000 won.
No. 1 mobile carrier SK Telecom was also among marked gainers as it jumped 1.84 percent, while chipmaker SK hynix surged 7.54 percent to 37,100 won, more than offsetting the previous day’s nearly 7 percent loss.
Market bellwether Samsung Electronics remained bearish after announcing its earnings on Thursday. It closed down 2.47 percent at 1,185,000 won. Flat-panel maker LG Display fell 2.64 percent to 22,100 won.
