Seoul: Seoul shares ended higher Tuesday, snapping their four-session losing streak, helped by gains in tech and defense industry stocks. The Korean won fell against the U.S. dollar.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) rose 6.03 points, or 0.26 percent, to close at 2,334.23, bouncing back from a 5.57 percent drop the previous day amid concerns over a global trade war. Trade volume was moderate at 548.25 million shares worth 8.9 trillion won (US$7.16 billion), with gainers outnumbering losers 544 to 343.
Individuals bought a net 601.54 billion won worth of stocks, offsetting institutions and foreigners' stock selling valued at 89.87 billion won and 642.52 billion won, respectively. Although the index finished higher, investors still remain wary over an escalating trade war triggered by U.S. President Donald Trump's reciprocal tariffs.
Tech, defense, and shipbuilding stocks led gains. Market bellwether Samsung Electronics rose 0.56 percent to 53,500 won, and its chipmaking rival SK hynix jumped 2.85 percent to 169,500 won. Leading defense industry firm Hanwha Aerospace jumped 8.72 percent to 698,000 won, and its sister company, Hanwha Ocean advanced 8.32 percent to 67,700 won.
Earlier in the day, Hanwha Aerospace announced its revised-down share sale plan to raise 2.3 trillion won at the request of the financial regulator. The defense stock ended higher on eased concerns over dilution of shareholder value. Hanwha Aerospace said it targets 30 trillion won in sales this year on strong global demand for its defense equipment, as well as a weak Korean won.
Top carmaker Hyundai Motor climbed 0.06 percent to 179,200 won, and dominant tobacco firm KT and G was up 3.38 percent to 103,900 won. Among decliners, leading wireless services provider SK Telecom fell 1.97 percent to 54,800 won, and Korea Zinc, the world's biggest zinc smelter, shed 1.04 percent to 666,000 won.
The local currency was quoted at 1,473.20 won per dollar at 3:30 p.m., down 5.4 won from the previous session.