Seoul: Seoul shares extended their winning streak to a fourth day Thursday on the back of gains in major tech stocks after the Federal Reserve calmed market concerns over Donald Trump's tariff war. The Korean won fell to its lowest in two weeks against the U.S. dollar.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) rose 8.48 points, or 0.32 percent, to close at 2,637.10. Trade volume was moderate at 445.75 million shares worth 11.73 trillion won (US$8.04 billion), with decliners outpacing gainers 544 to 331. Institutions and foreigners bought a net 67.2 billion won and 546.47 billion won worth of stocks, respectively, while individuals sold a net 702.87 billion won of stocks.
The KOSPI opened higher, tracking overnight gains on Wall Street after the U.S. central bank held interest rates steady. U.S. stocks rallied as Fed Chair Jerome Powell signaled some confidence about the U.S. economic outlook. His remarks helped soothe nerves among investors due to Trump's ever-changing tariff policies. The Dow Jones Industrial Average rose 0.92 percent, and the tech-heavy Nasdaq composite advanced 1.41 percent.
In Seoul, tech stocks led gains. Market bellwether Samsung Electronics jumped 2.91 percent to a one-month high of 60,200 won, and No. 2 chipmaker SK hynix advanced 2.19 percent. Leading battery maker LG Energy Solution rose 1.21 percent to 334,500 won, and No. 2 battery firm Samsung SDI soared 5.52 percent to 202,500 won.
Leading steelmaker POSCO Holdings soared 6.24 percent to 332,000 won following news that it will launch a global trade affairs division on Friday to handle a wide range of trade issues. Among decliners, top carmaker Hyundai Motor fell 0.74 percent to 202,500 won, and leading shipbuilder HD Hyundai Heavy Industries declined 3.54 percent to 300,000 won.
The local currency was trading at 1,458.90 won against the U.S. dollar at 3:30 p.m., down 5.5 won from the previous session, marking the lowest since March 4 when the comparable figure was 1,461.8. Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 2.3 basis points to 2.598 percent, and the return on the benchmark five-year government bonds declined 1.5 basis points to end at 2.658 percent.