Market buoyed by Beijing’s stimulus package

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Market buoyed by Beijing’s stimulus package

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Korean stocks finished higher Tuesday as investors welcomed Beijing’s planned stimulus measures to buttress the Chinese economy and steps were made toward easing global trade disputes.

The Korean won appreciated against the dollar.

The benchmark Kospi added 32.66 points, or 1.58 percent, to 2,097.18. Trading volume was moderate at 432.91 million shares worth 5.15 trillion won ($4.59 billion).

Foreigners bought a net 120.9 billion won worth of stocks and institutional investors bought a net 291.3 billion won worth of stocks. On the other hand, individuals sold a net 412.1 billion won worth of shares.

“Chinese officials have hinted at measures to help boost the economy in the first quarter, which helped dispel persistent concerns over the slowdown of the world’s No. 2 economy,” said Heo Jae-hwan, an expert at Eugene Investment & Securities.

Most big-cap shares on the Seoul bourse gathered ground, with tech firms and chemicals leading the upturn.

Market bellwether Samsung Electronics surged 2.62 percent to close at 41,100 won, and major chipmaker SK Hynix spiked 3.06 percent to end at 64,000 won.

Korea’s No. 1 automaker Hyundai Motor jumped 4.94 percent to 127,500 won, and its sister company Kia Motors increased 2.22 percent to 34,550 won. Auto-parts maker Hyundai Mobis ended 3.59 percent higher at 202,000 won.

Top steelmaker Posco advanced 2.60 percent to 256,500 won, and LG Chem rose 1.57 percent to 356,000 won. State-run electric utility Kepco inched 0.29 percent higher to 34,800 won.

Telecommunications giant SK Telecom rose 0.56 percent to 268,500 won, and LG U+ added 1.49 percent to 17,050 won. KT increased 0.34 percent to 29,300 won.

Leading oil refiners ended mixed as well, as SK Innovation rose 1.12 percent to 180,000 won while S-Oil retreated 1.53 percent to 96,700 won.

The secondary Kosdaq rose 7.30 points, or 1.07 percent, to end the session at 690.39.

The tech and bio-heavy index was lifted by foreign and institutional buying of semiconductor shares despite a 1.6-percent fall in the U.S. Philadelphia Semiconductor Index overnight.

The Korean won closed at 1,120.7 won against the dollar, down 2.3 won from the previous session’s close.

Bond prices, which move inversely to yields, ended mixed. The yield on three-year bonds remained unchanged at 1.80 percent. The return on 10-year bonds fell 0.5 basis points to 1.97 percent.


BY HEYU KIM, YONHAP [kim.heyu@joongang.co.kr]
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