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Streak continues with main bourse up 9 points

Sept 25,2019
Shares ended higher Tuesday, extending their winning streak to a 13th straight session, after U.S. Treasury Secretary Steven Mnuchin said the U.S.-China trade talks will resume in a couple of weeks. The Korean won fell against the dollar.

The benchmark Kospi rose 9.34 points, or 0.45 percent, to close at 2,101.04. Trade volume was moderate at 527 million shares worth 4.3 trillion won (3.6 billion dollars), with gainers outnumbering decliners 414 to 397.

All eyes are on the upcoming high-level trade talks between the United States and China, though market participants do not expect any major breakthroughs, or a complete deal, to come out of the talks, analysts said.

“In today’s session, the fact the United States asked a Chinese delegation to delay its planned trip to farms in the United States after working-level talks last week helped boost investor sentiment,” Meritz Securities analyst Ha In-hwan said.

U.S. President Donald Trump said last week he does not feel he needs to secure an agreement before next year’s election.

Institutional investors scooped tech and auto stocks as they expect such stocks to post improved earnings in coming quarters on rising demand.

Institutions bought a net 374 billion won worth of stocks, offsetting foreigners’ and individuals’ stock selling valued at 379 billion won.

Large-cap stocks advanced across the board.

Samsung Electronics rose 0.4 percent to 49,500 won, SK Hynix climbed 0.7 percent to 83,400 won, Hyundai Motor gained 0.8 percent to 134,000 won and auto parts maker Hyundai Mobis jumped 3.2 percent to 259,500 won.

Hyundai Motor and Hyundai Mobis closed higher as they will form a 4-billion-dollar joint venture with Ireland-based autonomous vehicle startup Aptiv next year to develop a self-driving platform.

LG Chem increased 1.08 percent to 327,000 won, Posco declined 0.65 percent to 232,500 won and Korean Air Lines rose 1.49 percent to 23,900 won.

Among decliners, SK Telecom fell 0.2 percent to 240,500 won and shipbuilder Hyundai Heavy Industries declined 0.3 percent to 355,000 won.

The secondary Kosdaq slipped 3.16 points, or 0.49 percent, to close at 641.85.

The local currency closed at 1,195.70 won against the dollar, up 1.70 from the previous session.

Bond prices were mixed. The yield on three-year bonds lost 0.4 basis points to 1.326 percent, and the yield on 10-year bonds added 0.5 basis points to 1.72 percent.

BY KIM BYUNG-WOOK, YONHAP [kim.byungwook@joongang.co.kr]


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