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Institutional investor purchases make Seoul gain and 0.89%

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Seoul, March 22 (EFE).- The Seoul Stock Exchange closed higher today and its benchmark index, the Kospi, gained 0.89% thanks to purchases by institutional investors and despite the prospect of a possible monetary tightening In U.S.A. . USA a major escalation.

The South Korean benchmark advanced 23.95 points to 2,710 points, while the Kosdaq technology index gained 6.27 points, or 0.68%, to 924.67 points.

The selective was located all day in positive territory thanks to the purchases of institutional operators, which were made today with a net of about 284,000 million won (about 233 million dollars) by betting on bargain hunting in the technology sector oh the engine

The good tone was maintained throughout the day, even despite the words of the president of the US Federal Reserve, Jerome Powell, who spoke on Monday of the possibility of raising rates at a faster rate this year if inflation stay at high levels.

The largest-cap stock on the South Korean floor, tech giant Samsung Electronics, rose 0.57%, while the world’s second-largest memory chipmaker SK Hynix gained 1.23%.

Naver, owner of the most used search engine in South Korea, advanced and 0.15%, and cocoa, operator of the most popular national instant messaging application, climbed and 1.43%.

In the biopharmaceutical sector, Samsung Biologics became more expensive by 0.84%, although its rival Celltrion fell by 7.18% due to information indicating that the Singapore fund Temasek will sell shares of the South Korean manufacturer of biosimilars.

Hyundai Motor, largest automaker over the core, up 2.07%.

c) EFE Agency

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