Seoul rises 1.5% thanks to bargain hunting

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Seoul, Nov 12 (EFE) .- The Seoul Stock Exchange rose today and its main indicator, the Kospi, gained 1.5% thanks to bargain hunting after the latest setbacks in the South Korean market.

The South Korean benchmark rose 43.88 points on Friday to stand at 2,968.8 integers, while the Kosdaq technology index gained 16.42 points, or 1.65%, to 1,009.07 units.

Foreign and institutional investors were buyers today, taking a combined net worth of about 1.02 trillion won (about $ 864 million).

These acquisitions, focused mainly on the technology, motor or biopharmaceutical sectors, respond to the latest setbacks of the Kospi, which has dropped more than 1% in the last week.

The value with the most influence on the selective, the technology giant Samsung Electronics, rose 1%, while SK Hynix, the world’s second largest memory chip manufacturer, lost 0.93%.

The company that controls the main search engine in South Korea, Naver, became more expensive 0.49%, and Kakao, operator of the main South Korean instant messaging application, advanced 1.2%.

In contrast, in the biopharmaceutical sector, Samsung Biologics climbed 1.71% and its rival Celltrion improved 0.47%.

Hyundai Motor, the largest vehicle manufacturer in the Asian country, appreciated 1.46%, while its subsidiary Kia Motors soared an important 3.46%.

(c) EFE Agency

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