Seoul: Stocks rebound from 3-month low on institutional investor buying

[SEOUL] South Korean stocks rebounded from a three-month low on Wednesday as institutional investors snapped up shares after an eight-session losing streak.

The Kospi closed up 15.84 points, or 0.50 per cent at 3,158.93, after declining 0.59 per cent to hit the lowest level since May 17.

Among heavyweights, technology giant Samsung Electronics fell 0.40 per cent while peer SK Hynix rose 2.46 per cent. Internet giant Naver and mobile messenger operator Kakao added 0.12 per cent and 2.46 per cent5, respectively.

Foreigners were net sellers of US$223.04 million worth of shares on the main board.

The trading volume during the session in the Kospi index was 613.85 million shares. Of the total traded issues of 917, the number of advancing shares was 645.

REUTERS