Stocks flat as 15 coronavirus cases discovered
Stocks closed nearly flat Wednesday as investors remained wary about the spread of the novel coronavirus in the country. The won rose slightly against the dollar.The Kospi rose 1.46 points, or 0.07 percent, to close at 2,210.34. Trading volume was moderate at 581 million shares worth 6.9 trillion won ($5.8 billion), with losers outnumbering gainers 537 to 305.
After touching an intraday low of 2,192.20 points, the index bounced back, but couldn’t gain ground.
“The index had a good start following the news that U.S. President Donald Trump had rebuked his administration’s plan to impose additional trade restrictions on China,” said Ha In-hwan, an analyst at Meritz Securities.
“But the market was apparently affected by the news that multiple coronavirus patients were confirmed in the country.”
Foreigners dumped a net 220 billion worth of local shares, while institutional investors sold a net 19 billion won. Retail investors bought a net 167 billion won.
Large caps were mixed, although tech shares closed up.
Samsung Electronics rose 0.67 percent to 60,200 won, while SK hynix advanced 1.47 percent to 103,500 won. Hyundai Motor slid 0.75 percent to 131,500 won, and its sister company Kia Motors fell 0.12 percent to 41,300 won.
LG Chem, plunged 3.35 percent to 404,000 won, and Celltrion slipped 1.63 percent to 181,500 won.
Shares of companies related to face masks rose close to the 30 percent market limit after the government confirmed 15 new cases of the coronavirus on Wednesday. OKong, a chemical manufacturer, rose 29.97 percent in trading on the Kosdaq market, reaching 11,450 won. Fabric product maker Welcron rose 29.93 percent to 7,640 won, and KM, a hygienic products manufacturer, rose 29.81 percent reaching 13,500 won.
The secondary Kosdaq was up 1.86 points, or 0.27 percent, to close at 684.78.
The local currency closed at 1,189.3 won against the dollar, down 0.2 won from the previous session’s close.
Bonds, which move inversely to yields, traded mixed. The yield on three-year bonds gained 1.2 basis points to 1.284 percent, while the benchmark 10-year government bonds lost 2.6 basis points to 1.56 percent.
BY KANG JAE-EUN, YONHAP [kang.jaeeun@joongang.co.kr]
with the Korea JoongAng Daily
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