SEOUL, February 04 (AJP) – South Korean bourses on Wednesday remained unfazed by broad Asian retreat following overnight Wall Street fall on concerns over disruption in the software sector.
The KOSPI pushed onto new territory of 5,300, up 0.8 percent at 5,331.98 as of 11:00 a.m. and the secondary KOSDAQ also up 0.8 percent at 1,153.36.
Shares of Hyundai Motor and Kia rose in early trading as their U.S. units reported record sales results. Hyundai Motor’s U.S. subsidiary said it sold 55,624 vehicles in January, the highest January total on record. Kia’s U.S. unit likewise posted a monthly record, with sales of around 57,000 vehicles.
Hyundai Motor was trading at 509,000 won, up 3.56 percent, from the previous session. Kia rose 1.43 percent, to 156,200 won in the early trade.
Global markets turned cautious after U.S. stocks fell overnight, as concerns grew that advances in artificial intelligence could disrupt the traditional software industry. Tensions in the Middle East also added to investor unease after reports that the United States shot down an Iranian drone near a U.S. aircraft carrier.
The Korean won added 0.90 to 1,450.1 versus the U.S. dollar.
Individual and institutional investors purchased a net 180.2 billion won ($124 million) and 322.8 billion won, respectively, while foreign investors sold a net 555.2 billion won.
Gains were spread across sectors, though technology and defense-related shares lagged.
Among heavyweight stocks, Samsung Electronics fell 2.09 percent to 164,000 won. SK hynix down 2.32 percent to 886,000 won, while LG Energy Solution rose 2.05 percent to 399,000 won. Samsung Life Insurance gained 1.40 percent to 188,900 won, and Samsung Biologics advanced 0.23 percent to 1,753,000 won.
Defense and aerospace shares traded lower, with Hanwha Aerospace down 0.08 percent at 1,298,000 won.
Meanwhile, shipbuilders posted gains, HD Hyundai Heavy Industries gained 0.52 percent to 585,000 won, while Hanwha Ocean advanced 1.06 percent to 142,900 won.
Elsewhere in Asia, Japanese shares were lower, with the Nikkei 225 Index falling 0.74 percent to 54,313.53. The China’s Shanghai Composite fell 1.90 percent to 4,065.84. In Hong Kong, the Hang Seng Index was trading down 0.045 percent to 26,822,64.
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