Seoul shares end higher on foreign buying
[THE INVESTOR] South Korean stocks closed higher on April 21 as foreigners scooped up stocks on bargain hunting. The won rose against the US dollar.
The benchmark KOSPI rose 10.75 points, or 0.50 percent, to close at 2,149.15. Trade volume was moderate at 274.59 million shares worth 4.63 trillion won (US$4.1 billion), with gainers outnumbering losers 424 to 356.
Foreign and institutional investors bought a combined 323.75 billion won worth of shares, offsetting individuals‘ net selling worth 313.32 billion won.
The index ended in positive territory for a second straight session on eased investor concerns following the US’ decision not to designate South Korea a currency manipulator.
Most of blue-chip stocks advanced, with tech, steel and defensive stocks leading the gains.
Market bellwether Samsung Electronics advanced 1.19 percent to 2,038,000 won. Leading steelmaker POSCO gained 2.47 percent at 270,000 won and No. 1 cosmetics company AmorePacific jumped 3.59 percent to 317,500 won.
Among losers were utility firm Korea Electric Power Corp. which closed down 0.23 percent at 44,150 won. No. 2 automaker Kia Motors edged down 0.14 percent at 34,850 won.
The local currency closed at 1,134.40 won against the US dollar, up 5.40 won from the previous session‘s close.
By Alex Lee and newswires (firstname.lastname@example.org)