Seoul stocks are on a bargain hunt for the third time amid political unrest

SEOUL, Dec. 12 (Yonhap) — South Korean stocks rose more than 1.6 percent on Thursday, extending their winning streak to the third straight session, amid ongoing uncertainties over the possible impeachment of President Yoon Suk Yeol over his botched martial law declaration. The local currency rose slightly against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.62 percent or 39.61 points to close at 2,482.12.

Trading volume was moderate at 651.7 million shares worth 11.86 trillion won ($8.3 billion), with winners outnumbering losers 616 to 277.

Institutions led the KOSPI rise, net buying stocks worth 150.9 billion won, while retail investors and foreigners sold 244.5 billion won and 24.6 billion won, respectively.

“The KOSPI will be subject to fluctuations due to concerns about the political unrest surrounding the impeachment motion against the President, but investors have turned to bargains as they are convinced that the recent decline in the stock market given the fact that the financial system and the country’s economy continues to be solid,” said Lee Kyoung-min, an analyst at Daishin Securities.

The three-day winning streak came after KOSPI collapsed four times in a row through Monday, amid ongoing political unrest sparked by Yoon’s surprise declaration of martial law on December 3.

Blue-chip tech stocks pushed the KOSPI higher, tracking tech gains on Wall Street overnight.

Tech giant Samsung Electronics rose 3.52 percent to 55,900 won, and its chipmaker SK Hynix rose 2.5 percent to 176,100 won.

Leading battery maker LG Energy Solution rose 7.01 percent to 404,500 won, while major chemical producer LG Chem rose 1.9 percent to 267,500 won.

Top automaker Hyundai Motor also climbed 1.2 percent to 211,500 won, while its sister company Kia rose 0.73 percent to 97,200 won.

Financial stocks also trended higher, with KB Financial rising 1.87 percent to 87,000 won and Samsung Life Insurance rising 2.36 percent to 103,900 won.

But internet portal operator Naver fell 4.59 percent to 208,000 won, while Kakao, the operator of the country’s top mobile messenger, fell 2.02 percent to 43,700 won due to profit-taking.

Korea Zinc, the world’s largest zinc smelter, which is in the middle of a management battle, fell 2.92 percent to 1.36 million won.

The local currency was trading at 1,431.9 won against the dollar at 3:30 p.m., up 0.3 won from the previous session.

[email protected]
(END)