Seoul shares end tad higher on overnight US gains, rate cut hopes
The benchmark Korea Composite Stock Price Index rose 4.61 points, or 0.15 percent, to close at 3,108.25.
Trade volume was heavy at 624.7 million shares worth 18.7 trillion won ($13.7 billion), with winners outnumbering losers 466 to 420.
Foreigners and institutions sold a combined 692.2 billion won worth of local stocks, while retail investors bought shares worth 751.1 billion won.
Overnight, Wall Street gained ground as investors focused on easing tensions in the Middle East following a ceasefire between Israel and Iran, and the possibility of an early interest rate cut raised by US Federal Reserve Chair Jerome Powell during testimony at the U.S Congress.
Han Ji-young, an analyst at Kiwoom Securities, noted that the market may face hurdles in further advancing as the KOSPI had surpassed the 3,100 mark at a much faster speed than expected.
"It is important to consider that the market may be affected by macro factors such as tariffs and the Fed's policy," Han said.
The market advance was led by chipmakers and automakers.
Market heavyweight Samsung Electronics added 1.32 percent to end at 61,300 won, and chip rival SK hynix jumped 2.69 percent to 286,000 won.
Automotive and steel shares also enjoyed brisk trading. Top automaker Hyundai Motor soared 5.34 percent to 217,000 won, and leading steelmaker POSCO Holdings climbed 2.47 percent to 269,500 won.
Kakao Pay extended its gains rising 1.96 percent to finish at 93,800 won, on hopes that the online lender could benefit from the government's push to adopt won-pegged stablecoins.
In contrast, financial and internet portal shares retreated.
KB Financial dropped 2.49 percent to 109,500 won, and top portal operator Naver slumped 2.41 percent to 283,500 won. Leading battery manufacturer LG Energy Solution lost 0.83 percent to finish at 298,000 won.
The local currency was trading at 1,362.4 won against the greenback at 3:30 p.m., down 2.2 won from the previous session. (Yonhap)
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6 hours ago
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[Editorial] Stablecoins, unstable ground
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19 hours ago
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