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Seoul stocks close higher for fifth straight day

Sept 11,2019
Stocks closed higher on Tuesday to extend their gains to a fifth consecutive day on hopes for planned U.S.-China trade dialogue slated for next month. The won fell against the dollar.

The benchmark Kospi moved up 12.53 points, or 0.62 percent, to close at 2,032.08. Trade volume was moderate at 496 million shares worth 4.37 trillion won ($3.6 billion), with gainers outnumbering losers 554 to 256.

Investors remained positive amid expectations the European Central Bank will come up with new stimulus measures during its meeting slated for Thursday.

Foreigners scooped up a net 15.2 billion won worth of shares, while retail investors dumped a net 192.6 billion won. Institutions sold more shares than they bought at 171 billion won.

Samsung Electronics moved up 0.21 percent at 47,000 won, while SK Hynix fell 1.42 percent at 83,100 won. LG Electronics jumped 5.87 percent at 64,900 won.

Auto shares were mixed, Hyundai Motor rose 0.79 percent at 128,000 won. Kia Motors inched up 0.23 percent at 43,200. Auto parts maker Hyundai Mobis dropped 0.80 percent at 249,000 won.

Samsung BioLogics gained 1.25 percent at 283,500 won while Celltrion tumbled 0.6 percent at 165,000 won. Hanmi Pharmaceuticals rose 0.18 percent at 275,500 won.

Chemical shares were mixed, with LG Chem falling 0.92 percent to 322,500 and oil refiner S-Oil remained unchanged at 97,500. Cosmetics maker AmorePacific also remained flat at 139,500. Oil refiner SK Innovation rose 0.60 percent to 166,500 won.

Telecom shares ended higher. SK Telecom gained 1.27 percent to 240,000 won, and KT added 0.74 percent to 27,250 won. Their smaller rival LG U+ closed 2.66 percent higher at 13,500 won.

Naver fell 1.63 percent at 150,500 won. Posco remained flat at 211,000 won. Kakao gained 0.73 percent at 138,500. Korean Air climbed 1.55 percent to 22,900 won.

Financial stocks also advanced. Shinhan Financial, a major banking group, rose 1.69 percent at 42,200 won and KB Financial climbed 3.28 percent at 42,500 won.

The secondary Kosdaq dropped 2.52 points, or 0.40 percent, to close at 623.25.

The local currency closed at 1,193.30 won against the dollar, up 0.30 won from the previous session’s close.

Bond prices closed higher. The yield on three-year bonds added 1.3 basis points to 1.247 percent, and the yield on 10-year bonds gained 8.1 basis points to 1.64 percent.

BY KIM BYUNG-WOOK, YONHAP [kim.byungwook@joongang.co.kr]


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