SEOUL– Seoul shares ended higher Monday amid expectations of slower U.S. rate hikes. The Korean won sharply rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 60.22 points, or 2.63 percent, to close at 2,350.19 points.
Trading volume was moderate at about 334.74 million shares worth some 6.9 trillion won (US$5.2 billion), with gainers outnumbering losers 799 to 93.
The Dow Jones Industrial Average rose 2.1 percent to 33,630.61 points on Friday, and the tech-heavy Nasdaq Composite jumped 2.6 percent to 10,569.29.
Investors scooped up local stocks as they expect a slowdown in U.S. wage growth and an unexpected contraction in services activity may prod the Federal Reserve to go easy on its aggressive rate hike plans, analysts said.
Foreigners and institutions bought a combined 1.4 trillion won worth of stocks, offsetting individuals’ stock selling valued at 1.39 trillion won.
In Seoul, most market heavyweights closed higher.
Market bellwether Samsung Electronics Co. rose 2.9 percent to 60,700 won, No. 2 chipmaker SK hynix Inc. jumped 3.5 percent to 86,000 won, top carmaker Hyundai Motor Co. gained 2.8 percent to 164,000 won, and leading car battery maker LG Energy Solution was up 4.5 percent to 464,000 won.
Among decliners, leading wireless services provider SK Telecom Co. fell 0.2 percent to 47,500 won.
The local currency closed at 1,243.50 won against the U.S. dollar, up 25.10 won from the previous session’s close.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 10 basis points to 3.577 percent, and the return on the benchmark five-year government bond declined 13 basis points to 3.494 percent.
Source: Yonhap News Agency