(URGENT) Seoul shares end higher on bargain-hunting amid uncertainties

South Korean stocks closed marginally higher on Friday as bargain hunters flocked to technology companies, countering worries about increasing interest rates and oil prices. The benchmark Korea Composite Stock Price Index (KOSPI) gained 32.39 points, or 0.45%, to close at 7,003.74. After a lower opening, the KOSPI rebounded, driven by bargain-hunting in major tech stocks.

Overnight, U.S. stocks showed modest gains as U.S. Treasury yields cooled from record highs, though the rally was tempered by a surge in oil prices. The Dow Jones Industrial Average rose 0.04%, while the S&P 500 gained 0.19%. The tech-focused Nasdaq composite index added 0.04%.

Despite macroeconomic uncertainties, such as rising interest rates and volatile oil prices, optimism over an earnings recovery fueled positive sentiment in the domestic stock market. Analyst Han Ji-young from Kiwoom Securities noted that these expectations are providing upward momentum. Key market players included Samsung Electronics, which remained unchanged at 276,000 won, and SK hynix, which experienced a 0.44% increase to 1.84 million won.

SK Square, parent company of SK hynix, climbed 0.43% to 1.16 million won, while Samsung Electro-Mechanics, a Samsung Electronics affiliate, rose 1.28% to 1.58 million won.

The Korean won strengthened against the U.S. dollar, trading at 1,350.6 won, a 7.8 won increase from the previous session's close. Bond prices, which move inversely to yields, also rose. The yield on three-year Treasuries fell 7.3 basis points to 3.937%, while the return on five-year government bonds decreased by 7.1 basis points to 4.129%.