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Trade war optimism keeps boosting the Kospi

Apr 05,2019
Korean shares ended higher Thursday for the fifth trading day in a row as investors grew optimistic about a U.S.-China trade deal. The won rose against the dollar.

The benchmark Kospi rose 3.26 points, or 0.15 percent, to close at 2,206.53. Trading volume was moderate at 425.46 million shares worth 4.73 trillion won ($4.2 billion), with gainers outnumbering losers 429 to 370.

Foreigners bought a net 240-billion-won worth of stock, and individuals sold a net 379.7-billion-won worth. Institutions bought a net 142.7 billion won.

“The United States and China appear closer to signing a deal, and improved market confidence effectively gave a boost to the main Kospi index,” said Moon Da-sol, an analyst at HI Investment & Securities.

The focus will remain on the ongoing bilateral trade talks underway in Washington D.C. and U.S. labor data due to be released on Friday, she said.

Large-cap stocks were mixed across the board.

Market bellwether Samsung Electronics rose 0.75 percent to 46,950 won, but No. 2 chipmaker SK Hynix sank 1.88 percent to finish at 78,400 won.

The country’s top carmaker Hyundai Motor fell 0.40 percent to 123,500 won, but its auto parts maker Hyundai Mobis gained 1.39 percent to 218,500 won. Kia Motors rose 2.75 percent to end the Thursday session at 37,400 won.

Bio pharmaceutical companies went south, as Celltrion sank 0.52 percent to 192,500 won and Samsung BioLogics fell 1.57 percent to 345,500 won.

Naver, the country’s biggest internet portal, rose 0.41 percent to 122,500 won, and runner-up Kakao remained unchanged at 102,500 won. The country’s leading steelmaker Posco declined 0.55 percent to 271,500 won, and leading wireless services provider SK Telecom gained 1.03 percent to 245,500 won.

The Kosdaq gained 2.28 points, or 0.30 percent, to end the Thursday session at 751.58. The index ended higher as foreign investors and institutions mass purchased stocks after seeing the Philadelphia Semiconductor Index rise 2.3 percent overnight.

Celltrion Healthcare lost 0.44 percent to 68,400 won.

The won traded at 1,136.30 won against the dollar, up 2.00 won from the previous day’s close.

Bond prices, which move inversely to yields, ended mixed. The yield on three-year bonds remained unchanged at 1.720 percent, and the return on 10-year bonds lost 1.2 basis points to 1.877 percent.


BY KO JUN-TAE, YONHAP [ko.juntae@joongang.co.kr]


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