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Tech shares, mobile carriers buoy Seoul stocks

July 11,2018
Korea’s main bourse closed higher Tuesday as foreign investors scooped telecommunication and electronics shares amid ongoing concerns over U.S. trade tariffs on major economies. The Korean won depreciated against the U.S. dollar.

The benchmark Kospi moved up 8.36 points, or 0.37 percent, to close at 2,294.16. Trade volume was moderate at 4.8 trillion won ($4.3 billion).

Analysts said the main index closed higher for the third consecutive session as the Dow Jones Industrial Average rallied 1.3 percent overnight despite concerns over trade tensions between Washington and other major economies.

Foreigners bought a net 34 billion won worth of local stocks, while retail investors added a net 19.3 billion won. Institutions offloaded a net 116 billion won.

Tech shares closed higher, with Samsung Electronics moving up 1.54 percent to 46,300 won and LG Electronics increasing 0.64 percent to 78,200 won.

Steelmakers were also among the winners, with No. 1 Posco rising 1.31 percent to 309,000 won and Korea Zinc adding 4.31 percent to 387,500 won. Hyundai Steel advanced 0.41 percent to 48,400 won.

Top mobile carrier SK Telecom rose 1.97 percent to 233,000 won, and KT increased 0.18 percent to 27,750 won. LG U+, the smallest player, jumped 2.85 percent to 14,450 won.

Pharmaceutical shares, on the other hand, closed lower. Celltrion moved down 1.06 percent to 281,000 won and Samsung BioLogics dropped 2.34 percent to 417,000 won.

The secondary Kosdaq rose 4.91 points, or 0.61 percent, to 813.19. The tech-heavy index was buoyed by the 0.9 percent incline of the U.S. Nasdaq and foreign buying of IT and semiconductor shares.

Foreigners bought a net 36 billion won. Institutions sold a net 13.9 billion won while individuals offloaded a net 6.4 billion won. Trade volume was low at 2 trillion won.

Seoul Semiconductor rose 2.2 percent to 18,600 won. Toptec, which manufactures display equipment as well as automated machines, grew 3.29 percent to 26,650 won.

Major pharmaceutical shares lost. Celltrion Healthcare dropped 1.86 percent to 100,300 won while Celltrion Pharm lost 1.05 percent to 85,100 won.

The local currency closed at 1,116 won against the U.S. dollar, up 3.80 won from Monday’s close.

Bond prices ended higher. The yield on three-year bonds shed 1.2 basis points to 2.1 percent, and the return on 10-year bonds lost 0.5 basis points to 2.55 percent.


BY KIM EUN-JIN, YONHAP [kim.eunjin1@joongang.co.kr]


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