Local shares rise on hopes for trade progress
The benchmark Kospi slid into negative territory during the session before recovering thanks to late buying. The index ended 12.70 points or 0.61 percent higher at 2,089.62.
Trade volume was moderate at 307.9 million shares worth 5.01 trillion won ($4.45 billion).
“While investors have been awaiting the results of the U.S. elections, which would affect their direction regarding key pending issues, there seems to be hope for possible progress in trade disputes between the United States and China,” said Seo Sang-young, an analyst at Kiwoon Securities.
Retail investors were also net buyers for the second consecutive session, picking up a net 171.8 billion won worth of shares. Offshore investors bought in a net 3.0 billion won.
Institutional investors were net sellers for the second consecutive session, offloading a net 187.6 billion won.
Tech shares ended down: Samsung Electronics edged down 0.11 percent to 43,750 won, and No. 2 chipmaker SK Hynix fell 0.57 percent to close the session at 70,100 won. Chemical companies were also losers in the session as industry leader LG Chem declined 1.69 percent to 350,000 won, and Lotte Chemical dropped 1.41 percent to 280,500 won.
Meanwhile, pharmaceutical shares ended up, with Celltrion adding 0.42 percent to 241,000 won, and Samsung’s biopharmaceutical unit Samsung BioLogics gaining 0.5 percent to 401,000 won. Top steelmaker Posco rose 2.45 percent to end at 271,500 won. Carmakers also rose as Hyundai Motor advanced 3.37 percent to 107,500 won and Kia Motors gained 2.30 percent to 28,950 won.
Refiners also ended in positive territory. Industry leader SK Innovation added 0.24 percent to 205,500 won, and S-Oil rose 1.27 percent to 120,000 won.
The secondary Kosdaq ended the session lower, falling 0.39 points or 0.06 percent, at 691.55. The tech and bio-heavy index was weighed down by a 0.85 percent decline in the U.S. Philadelphia Semiconductor Index overnight. Institutions have been net sellers for five consecutive sessions in the junior index. The Korean won closed at 1,123.80 won against the greenback, up 0.30 won from the previous session.
The yield on three-year bonds was up 0.2 basis point to 1.98 percent, and the return on ten-year bonds rose 1.6 basis point to 2.30 percent.
BY CHAE YUN-HWAN, YONHAP [chae.yunhwan@joongang.co.kr]
with the Korea JoongAng Daily
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