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Seoul: Stocks rebound as bargain hunters snap up techs, won flat
[SEOUL] South Korea's share index recouped most of the previous day's losses on Tuesday as a sharp drop in tech shares attracted bargain hunters, triggering hefty rebounds for counters such as LG Display and SK Hynix.
The Korea Composite Stock Price Index (Kospi) closed up 0.7 per cent at 2,374.70 points, after shedding one per cent on Monday amid a global tech sell-off.
Shares of LG Display rose 7.7 per cent, recovering Monday's losses, while market heavyweight SK Hynix rose 2.3 per cent.
Local institutions purchased a net 165.8 billion won (S$204.34 million) worth of Kospi shares while offshore investors offloaded 78.3 billion won worth.
The South Korean won finished flat ahead of the US Federal Reserve's June policy decision. With an interest rate hike widely expected, markets are looking more for any clues from Fed Chair Janet Yellen on rate prospects for the rest of the year.
The won was quoted at 1,128.3 to the US dollar at the conclusion of onshore trade, down 0.1 per cent compared to Monday's close of 1,127.3.