Purchases by institutional investors earn Seoul 0.89%

Seoul, 22 Mar The Seoul Stock Exchange closed higher today and its benchmark, Kospi, gained 0.89% thanks to purchases from institutional investors and despite the prospect of possible currency tightening in the US. On a larger scale. The South Korean benchmark advanced 23.95 points to 2,710 integers, while the Kosdaq Tech Index gained 6.27 points, or 0.68%, to 924.67 units. The selective was placed every day in positive territory thanks to purchases by institutional operators, which today were made with a net of about 284 billion won (about 233 million dollars) when betting on bargain hunting in the technology or motor sector. The good trend continued throughout the day, even in spite of the words of US Federal Reserve Chairman Jerome Powell, who spoke on Monday of the possibility of raising rates at a faster rate this year if inflation remains at high levels. The value with the most capitalization in the South Korean parquet, technology giant Samsung Electronics, rose by 0.57%, while the second largest manufacturer of memory chips in the world, SK Hynix, gained 1.23%. Naver, which owns the most used search engine in South Korea, advanced by 0.15%, and Kakao, operator of the most popular domestic instant messaging application, climbed 1.43%. In the biopharmaceutical sector, Samsung Biologics rose by 0.84%, although its rival Celltrion fell by 7.18% on the basis of reports indicating that the Singaporean fund Temasek will sell shares of the South Korean manufacturer of biosimilars. Hyundai Motor, the largest South Korean vehicle manufacturer, improved by 2.07%.