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Seoul stocks end higher on institutional buying

All News 16:35 January 24, 2018

SEOUL, Jan. 24 (Yonhap) -- South Korean shares ended higher Wednesday as institutions remained net buyers. The won remained flat against the dollar.

The benchmark Korea Composite Stock Price Index rose 1.40 points, or 0.06 percent, to 2,538.00.

Institutional investors bought a net 244.17 billion won (US$228 million) worth of stocks, keeping the main index from ending in negative territory. Foreigners turned net sellers of local stocks and individuals continued to sell shares.

Tech, steel and airline stocks led gains, with market bellwether Samsung Electronics Co. rising 0.37 percent to 2,467,000 won and No. 2 chipmaker SK hynix Inc. gaining 1.54 percent to 72,400 won.

Leading steelmaker POSCO advanced 1.84 percent to 156,500 won ahead of its 2017 earnings releases after the market close. Its full-year net profit nearly tripled to 2.974 trillion won from 1.048 trillion won a year earlier. National flag carrier Korean Air Lines Co. jumped 3.98 percent to 37,850 won.

Among decliners, top carmaker Hyundai Motor Co. fell 2.80 percent to 156,500 won, and leading cosmetics maker AmorePacific Corp. declined 2.40 percent to 305,500 won.

The local currency ended unchanged at 1,070.20 won against the U.S. dollar compared to the previous session's close.
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