Seoul shares closed higher on July 9 as institutional buying offset retail selling. The benchmark KOSPI rose 0.62 percent to 7,291.91 amid concerns over AI demand and Middle East tensions. The Korean won weakened against the dollar.
Seoul shares ended higher Thursday as institutional buying helped offset heavy retail selling amid a reassessment of the outlook for artificial intelligence demand. The Korean won fell against the U.S. dollar.
After opening 3.3 percent higher, the benchmark Korea Composite Stock Price Index trimmed earlier gains to close up 45.12 points, or 0.62 percent, at 7,291.91. Trade volume was moderate at 574.75 million shares worth 37.46 trillion won.
Institutions and foreigners bought a net 1.29 trillion won and 137.54 billion won, respectively, while individuals sold a net 1.33 trillion won. Investors remained concerned about renewed geopolitical tensions in the Middle East, as well as uncertainty over the outlook for artificial intelligence demand, analysts said.
"Renewed tensions between the United States and Iran and selling by retail investors amid heightened market volatility weighed on the benchmark index," Kang Jin-hyuk, an analyst at Shinhan Securities Co., said. Overnight, U.S. stocks ended mixed. The Dow Jones Industrial Average fell 0.81 percent, while the tech-heavy Nasdaq Composite rose 4.19 percent.
Market bellwether Samsung Electronics rose 0.18 percent to 278,000 won, while chip giant SK hynix climbed 5.3 percent to 2,186,000 won. The Korean won was trading at 1,506.1 won per U.S. dollar as of 3:30 p.m., down 7.6 won from the previous session.
