A stock ticker at Hana Bank headquarters in central Seoul shows the benchmark KOSPI closing at 5,858.87, up 1.4 percent, Friday. Yonhap
Seoul stocks closed higher Friday as foreign investors snatched up blue chip stocks, reflecting growing expectations for the first face-to-face talks between the United States and Iran to formalize a two-week ceasefire.
The benchmark KOSPI opened at 5,876.12, up 1.7 percent from the previous session, according to the Korea Exchange. It briefly touched the 5,900 level in early trading before declining to close at 5,858.87, up 1.4 percent.
Foreign investors remained net buyers, purchasing 1 trillion won ($670 million) in shares. They turned to net buying around 10 a.m., after the Bank of Korea’s decision to hold its benchmark interest rate at 2.5 percent reinforced expectations of policy stability.
However, retail and institutional investors were net sellers, offloading 1.18 trillion won and 262 billion won, respectively.
The tech-heavy Kosdaq also edged higher, closing at 1,093.63, up 1.64 percent. On the secondary bourse, institutional investors were net buyers, while retail and foreign investors sold.
In Seoul’s onshore foreign exchange market, the Korean won ended at 1,482.5 per dollar, unchanged from the previous session.
Heavyweight stocks finished modestly higher. Shares of Samsung Electronics rose 0.98 percent to 206,000 won, while SK hynix climbed 2.91 percent to 1,027,000 won.
Global oil prices, meanwhile, ticked up slightly. Brent crude, the global benchmark, hovered around $96 per barrel, while U.S. West Texas Intermediate crude traded near $98.
