Large caps lead Kospi out of six-day slump
The Korean won appreciated against the U.S. dollar.
The main Kospi rose 18.64 points, or 0.93 percent, to close at 2,014.69, despite continuing trade tension between the United States and China and declines in U.S. stock markets overnight.
Trading volume was moderate at 434.36 million shares worth 6.91 trillion won ($6.06 billion).
Large-cap stocks on the main index mostly ended in positive terrain, as medical shares rose 5.0 percent and construction industry stocks ended 2.8 percent higher. Market leader Samsung Electronics rose 2.29 percent to end at 42,350 won, and SK Hynix ended 2.10 percent higher to 68,200 won.
Pharmaceutical companies also rose. Celltrion gained 3.44 percent to 225,500 won, and Samsung’s biopharmaceutical arm, Samsung BioLogics, jumped 9.79 percent to 398,000 won.
Gaming companies recouped Monday’s losses as NCSoft gained 4.08 percent to 420,500 won and Netmarble soared 16.01 percent to 106,500 won. Top chemical company LG Chem also rose 0.89 percent to close at 338,500 won.
Construction companies ended higher, with GS Engineering & Construction rising 2.74 percent to 43,150 won and Daelim Industrial edging 0.27 percent higher to end at 75,100 won. Carmakers were mixed as Hyundai Motor ended 1.42 percent higher to 107,500 won while Kia Motors fell 0.36 percent to 27,900 won.
Meanwhile, financial companies suffered losses. Leading banking company KB Financial Group fell 5.52 percent to 48,750 won and Shinhan Financial Group dropped 4.40 percent to 42,350 won. Top steelmaker Posco extended losses for the second consecutive session, falling 2.68 percent to end the session at 254,000 won.
The junior Kosdaq also ended higher, rising 14.44 points, or 2.29 percent, to 644.14. The tech and bio-heavy index rose as foreigners continued to pick up shares, despite a 1.06 percent decline in the U.S. Nasdaq biotechnology index overnight.
Electronic industry shares rose 4.1 percent on average, and semiconductor shares ended 3.5 percent higher in the secondary index.
The Korean won ended at 1,139.20 won, down 2.20 won against the greenback from the last trading session. Bond prices ended lower. The return on three-year bonds rose 3.7 basis points to 1.93 percent. The yield on 10-year bonds gained 5.0 basis points to 2.22 percent.
BY CHAE YUN-HWAN, YONHAP [chae.yunhwan@joongang.co.kr]
with the Korea JoongAng Daily
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