[THE INVESTOR] Korean stocks ended higher on March 22 as foreigners and institutions bought local stocks despite the first US rate increase this year. The won fell against the US dollar.

The benchmark KOSPI rose 11.05 points, or 0.44 percent, to 2,496.02. Trade volume was moderate at 475.17 million shares worth 7.04 trillion won (US$6.60 billion), with losers outpacing winners 482 to 336.

Foreigners and institutions bought a combined 290 billion won worth of stocks. But individuals sold a net 300 billion won, which caused the bourse to move in a tight range.

As the Fed’s rate increase has been widely expected and already been reflected in the market, the main index didn‘t show any volatile movements, analysts said.

Technology stocks led the gains, with market bellwether Samsung Electronics rising 1.41 percent to 2,589,000 won, and No. 2 chipmaker SK hynix climbing 0.23 percent to 88,600 won.

Among decliners, top carmaker Hyundai Motor fell 1.29 percent to 152,500 won, leading steelmaker POSCO shed 1.45 percent to 340,500 won, and No. 2 electronics company LG Electronics was down 0.89 percent at 111,500 won.

The local currency closed at 1,072.70 won against the US dollar, down 0.40 won from the previous session.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)