Seoul: Stocks end higher as big foreign, institutional investors raise positions

[SEOUL] South Korean shares closed over 1 per cent higher on Tuesday, driven by foreign and institutional investors' purchases, with gains capped by worries about a hedge fund default that rattled global banking stocks overnight.

The Kospi closed up 33.96 points, or 1.12 per cent, at 3,070.00, bouncing back from a 0.16 per cent decline on Monday.

Most heavyweights gained, with chip giants Samsung Electronics and SK Hynix rising 0.74 per cent and 1.89 per cent, respectively. Battery maker LG Chem added 1.13 per cent.

Overnight, Wall Street ended lower after banking shares fell on that issues with defaulting hedge fund Archegos Capital could spread throughout lenders.

Foreigners were net buyers of US$297.36 million worth of Kospi shares, Korea Exchange data showed, while institutional investors purchased net 254.4 billion won (S$302.1 million) worth of shares.

REUTERS