Markets

Seoul shares end higher as auto, telecom firms support

Published January 28, 2014 Updated January 28, 2014 06:25am

1 min

By Shoaib Ur Rehman

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SEOUL: Seoul shares ended higher on Tuesday, off a five-month closing low the previous day, buoyed by strength in the auto and telecoms sectors ahead of the US Federal Reserve's two-day policy meeting this week.

The Korea Composite Stock Price Index (KOSPI) closed up 0.3 percent at 1,916.93 points, recouping some of the 1.6 percent slide of the previous session.

Despite the persistent sell-off by foreigners, who sold a net 314.7 billion Korean won ($290.4 million) worth of KOSPI shares on Tuesday, institutional and retail investors underpinned the index by net purchasing a combined 302.1 billion won.

Automaker Hyundai Motor Co rose 3.1 percent on the back of a stabilising won currency, while its affiliate Hyundai Mobis Co Ltd added 3.6 percent following a strong October-December earnings report.

Telecoms added support, with SK Telecom Co Ltd and KT Corp advancing 3.7 percent and 4.5 percent, respectively.

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