The Korea Herald


Seoul shares close more than 1% higher on extended Israel-Hamas truce

By Yonhap

Published : Nov. 28, 2023 - 16:43

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An electronic board shows Kospi movement at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap) An electronic board shows Kospi movement at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)

South Korean stocks ended more than 1 percent higher Tuesday, as investors were buoyed by the latest news on an extended cease-fire in the Middle East. The local currency rose sharply against the US greenback.

The benchmark Kospi jumped 26.1 points, or 1.05 percent, to close at 2,521.76.

Trading volume was slim at 435.8 million shares worth 8.59 trillion won ($6.64 billion), with gainers slightly outnumbering decliners 457 to 417.

Individual investors led the rally, purchasing a net 572.6 billion won worth of local shares, while foreigners and institutions dumped a combined 574.5 billion won.

Experts said the Kospi was affected by news that Israel and Hamas agreed to extend their cease-fire for two more days, which lent support to the index, while key economic data, including the US inflation index, will be released later this week. The Bank of Korea will also decide its key rate Thursday.

"With the news on the extended truce between Israel and Hamas backing up the market, investors are waiting for upcoming economic reports including personal consumption expenditure inflation data for October on Thursday," said Choi Yoo-jun, an analyst from Shinhan Securities.

Large-cap shares finished in positive territory across the board.

Top-cap Samsung Electronics jumped 1.96 percent to 72,700 won and its chipmaking rival SK hynix gained 0.54 percent to 131,400 won.

Battery makers were among the winners, with industry leader LG Energy Solution edging up 0.12 percent to 435,000 won and Samsung SDI climbing 0.33 percent to 455,000 won.

No. 1 carmaker Hyundai Motor rose 0.43 percent to 185,700 won and its sister Kia went up 0.59 percent to 84,600 won.

Leading shipbuilder Samsung Heavy Industries vaulted 4.08 percent to 8,160 won and steel giant Posco Holdings increased 2.14 percent to 478,000 won.

The local currency ended at 1,293.7 won against the greenback, strengthening 10.1 won from the previous session's close. (Yonhap)