South Korean stocks ended higher on Wednesday, tracking Wall Street's gains overnight led by big tech stocks. The local currency depreciated against the US dollar.
The benchmark Korea Composite Stock Price Index rose 11.76 points (0.44%) to 2,693.57.
Volume was moderate at 491 million shares and 10.7 trillion won (approximately $8.14 billion), with the winners beating the losers 444 to 429.
Foreign investors led the overall rally, buying a net worth of 334 billion won worth of shares while institutional and individual investors sold shares.
Overnight, Wall Street posted big gains as investors bought up Nvidia, Oracle and other big tech stocks, even though February's consumer price data came in better than expected.
The Dow Jones Industrial Average rose 0.61%, and the S&P 500 rose 1.12%. The Nasdaq Composite rose 1.54%.
Han Ji-young, an analyst at Kiwoom Securities, said, “Despite the U.S. inflation statistics being better than expected, expectations for the Federal Reserve to continue cutting interest rates in June and a rebound in artificial intelligence-related stocks are causing a wall. “It inspired the city.” , Said.
In the Seoul market, high-tech and financial stocks rose, with top-ranked Samsung Electronics rising 1.09% to 74,100 won, and major bank KB Financial rising 5.87% to 77,500 won.
Automobile and communication stocks also saw active trading, with industry leader Hyundai Motor rising 2.90% to 248,500 won and SK Telecom rising 0.95% to close at 53,100 won.
However, battery stocks stalled as investors profited from the market's strong gains. Industry leader LG Energy Solution fell 0.24% to 418,000 won, and POSCO Future M fell 0.45% to 334,500 won.
The local currency ended at 1,314.50 won against the dollar, down 3.50 won from the previous closing price. (Union)
