Seoul shares end higher on bargain hunting amid uncertainties

Seoul: South Korean stocks ended slightly higher on Friday as investors scooped up major technology stocks on bargain hunting, offsetting concerns over rising interest rates and oil prices. The Korean won rose against the US dollar.

After opening lower, the benchmark Korea Composite Stock Price Index (KOSPI) went up 32.39 points, or 0.45 percent, to close at 7,003.74.

Overnight, U.S. stocks finished modestly higher as benchmark Treasury yields eased from fresh multi-decade highs, although gains were capped by rising crude oil prices, reports Yonhap news agency.

The Dow Jones Industrial Average rose 0.04 percent, while the benchmark S&P 500 gained 0.19 percent. The tech-heavy Nasdaq composite added 0.04 percent.

Trade volume was light at 227.64 million shares worth 15.29 trillion won (US$11.32 billion), with advancers outnumbering decliners 500 to 359.

Foreigners and individuals sold a net 143.78 billion won and 1.72 trillion won, respectively, while institutions bought a net 381.38 billion won.

"The domestic stock market is surrounded by macroeconomic uncertainties, including rising interest rates and increased volatility in oil prices, but expectations for an earnings recovery are improving, providing upward momentum," Han Ji-young, an analyst at Kiwoom Securities, said.

Market heavyweights ended mixed. Market bellwether Samsung Electronics was unchanged at 276,000 won, while chip giant SK hynix went up 0.44 percent to 1.84 million won.

SK Square, the parent company of SK hynix, went up 0.43 percent to 1.16 million won, while Samsung Electro-Mechanics, an electronics component affiliate of Samsung Electronics, increased 1.28 percent to 1.58 million won.

The Korean won was quoted at 1,350.6 won against the U.S. dollar as of 3:30 p.m., up 7.8 won from the previous stock trading session's close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 7.3 basis points to 3,937 and the return on the benchmark five-year government bonds shed 7.1 basis points to 4.129.

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