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Seoul stocks rise despite global uncertainty

Aug 29,2019
Korean stocks rose Wednesday for a second consecutive session as institutional investors were net buyers of local stocks, but sentiment remained cautious about deeper worries over the global economy. The won depreciated against the dollar.

The benchmark Kospi rose 16.49 points, or 0.86 percent, to close at 1,941.09. Trade volume was moderate at 280 million shares worth 3.23 trillion won ($2.66 billion).

The local stock market opened higher on bargain hunting, offsetting an overnight decline on Wall Street.

Wall Street saw losses on Tuesday as U.S. yield curve inversion deepened, in what many analysts say is a looming sign of a recession in the world’s largest economy.

Seo Sang-young, an analyst at Kiwoom Securities, said the inverted yield curve had a limited impact on the stock market because investors had already had a chance to digest the issue.

“A modest rise in oil prices, which came after U.S. President Donald Trump said he could meet Iran’s Hassan Rouhani, also offered some relief to investors,” Seo said.

Individuals sold a net 72.8 billion won worth of shares, and foreign investors sold a net 51.9 billion won worth. Institutions bought a net 106.1 billion won of stocks.

Samsung Electronics rose 0.23 percent to end at 44,150 won, and SK Hynix, a global chipmaker, gained 0.41 percent to 73,300 won.

Posco rose 1.22 percent to 207,000 won. Naver, the operator of the country’s top internet portal, remained flat at 146,500 won.

Automakers traded in positive terrain, with industry leader Hyundai Motor up 2 percent to 127,500 won, and its auto parts maker Hyundai Mobis rising 2.70 percent to 247,000 won. Its smaller affiliate Kia Motors added 2.51 percent at 42,850 won.

LG Chem added 0.31 percent to 324,000 won. Oil refiner SK Innovation went up 0.32 percent to 156,500 won. S-Oil rose 0.44 percent to 90,300 won.

In biopharmaceuticals, Celltrion shot up 7.59 percent to 156,000 won and Samsung BioLogics added 3.80 percent to 286,500 won.

The Kosdaq rose 14.58 points, or 2.48 percent, to end the session at 602.90

The tech-heavy index was lifted by foreign and institutional buying of pharmaceutical shares.

The won closed at 1,213.90 won against the dollar, up 2.7 won from the previous session’s close.

Bond prices ended lower. The yield on three-year bonds rose 0.9 basis points to 1.18 percent. The yield on 10-year bonds rose 0.6 basis points to 1.24 percent.

BY KIM HE-YU, YONHAP [kim.heyu@joongang.co.kr]


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