Seoul Shares Close Higher as Oil Prices Ease

The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.76 points, or 0.26 percent, to close at 6,579.48 on Thursday. The gain followed a previous session where the main index plunged 3.99 percent due to Middle East tensions and concerns over U.S. Federal Reserve rate hikes. The rebound was driven by easing oil prices after U.S. President Donald Trump stated that renewed U.S. attacks on Iran would likely be short lived, which reduced inflation concerns. The Korean won also rose against the U.S. dollar, quoted at 1,359.3 won as of 3:30 p.m. compared to 1,368.7 won in the previous session.

Trade volume reached 353.93 million shares worth 18.89 trillion won, with losers outnumbering winners 431 to 424. Institutions, foreigners, and individuals were all net sellers. Gains were led by auto and aerospace stocks, including Hyundai Motor, which rose 1.46 percent, and Hanwha Aerospace, which climbed 2.15 percent. Hanwha Ocean jumped 5.49 percent and HMM gained 2.64 percent. Conversely, Samsung Electronics fell 0.2 percent and SK hynix declined 1.05 percent. Bond prices closed higher, with the yield on three year Treasurys falling 4.2 basis points to 3.888 percent.