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Investors are inspired by good Chinese index

Sept 01,2018
Korean shares closed higher Friday as investor sentiment was boosted by a better-than-expected manufactures’ index from China. The Korean won depreciated against the greenback.

The benchmark Kospi rose 15.53 points, or 0.67 percent, to close at 2,322.88. Trading volume was low at 5.21 trillion won ($4.68 billion).

Analysts said Seoul shares closed higher from signs of improved manufacturers’ data from China despite news that U.S. President Donald Trump supported imposing additional tariffs on Chinese goods worth $200 billion on Thursday.

“The Kospi started weaker on concerns over the trade dispute between the United States and China,” said Seo Sang-yong, a researcher at Kiwoom Securities, “but it rebounded on the better-than-expected manufacturers’ index from China.”

China reported Friday that the Purchasing Managers’ Index was 0.3 points higher than expected at 51.3 points, which signifies an expansion of factory and output activity.

Foreigners bought more shares than they sold, a net 314 billion won, while retail investors offloaded a net 96 billion won. Institutions sold a net 262 billion won.

Top tech giant Samsung Electronics moved up 1.68 percent to 48,450 won, and No. 2 chipmaker SK Hynix climbed 0.36 percent to 83,000 won.

Samsung SDI, Samsung’s battery maker, moved up 0.21 percent to 236,000 won, and LG Electronics also gained 0.52 percent to 76,800 won.

Pharmaceutical shares were also among the major gainers, with Celltrion adding 1.31 percent to 270,000 won and Samsung BioLogics climbing 3.7 percent to 463,000 won. Hanmi Pharmaceutical shot up 1.84 percent to 497,500 won.

No. 1 steelmaker Posco moved down 1.8 percent to 326,500 won, and Korea Zinc lost 2.76 percent to 405,500 won. Hyundai Steel fell 0.37 percent to 53,300 won.

The secondary Kosdaq rose 12.50 points, or 1.55 percent, to 816.97, marking the third consecutive session of gains.

Leading pharmaceutical firm SillaJen soared 11.53 percent to 76,400 won, while Kosdaq top cap Celltrion Healthcare jumped 2.96 percent to 90,400 won.

The Korean won closed at 1,112.90 won against the greenback, up 4.30 won from the previous session’s close.

Bond prices, which move inversely to yields, ended higher.

The yield on three-year bonds moved down 6.4 basis points to 1.92 percent, and the return on 10-year bonds fell 5.6 basis points to 2.31 percent.


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


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