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Kospi ends up as foreign investors go shopping

Dec 10,2019
Shares ended higher for a second straight session on Monday as investors cheered strong U.S. jobs data and hopes of a trade deal between the United States and China. The Korean won fell against the dollar.

The benchmark Kospi rose 6.80 points, or 0.33 percent, to 2,088.65.

The U.S. economy added 266,000 jobs and its unemployment rate fell to 3.5 percent in November, pushing U.S. stocks higher.

NH Securities analyst Noh Dong-kil said healthy job data in the United States and expectations of a trade deal between the United States and China drove Korea’s main index.

“The main index got a boost from the encouraging U.S. jobs report and positive U.S. reaction toward China’s possible exemption of tariffs on U.S. soybeans and pork,” said Seo Sang-young, an analyst at Kiwoom Securities.

Foreign investors snatched up local stocks for a second day after selling them for 21 days in a row.

In Seoul, large-cap stocks were mixed.

Samsung Electronics rose 1.59 percent to 51,200 won, chipmaker SK Hynix edged up 0.12 percent to 80,700 won, and leading steelmaker Posco climbed 1.08 percent to 233,000 won.

Among decliners, the state-run utility Korea Electric Power fell 0.87 percent to 28,600 won, and Kia Motors shed 1.03 percent to 43,350 won.

The country’s budget carrier Jeju Air climbed 0.4 percent to 23,350 won and cosmetics giant Amorepacific dropped 1.33 percent to 186,000 won.

Samsung BioLogics, Samsung’s health care unit, plunged 1.77 percent to 388,000 won, and major pharmaceutical firm Celltrion dipped 1.18 percent to 168,000 won.

Portal operator Naver was up 0.57 percent to close at 175,000 while Kakao retreated 1.30 percent at 151,500.

Pharmaceutical firms were among the losers, with Celltrion shedding 1.18 percent to reach 168,000 won, and Samsung BioLogics dropped 1.77 percent to 388,000 won.

Telecom shares were mixed. SK Telecom gained 0.21 percent to 239,000 won and KT inched down 0.37 percent at 26,750 won. Their smaller rival LG U+ shed 0.36 percent at 13,800.

Korean Air Lines edged up 0.97 percent at 26,150 won.

The secondary Kosdaq shed 0.24 points, or 0.04 percent, to close at 627.86.

The won closed at 1,189.90 won per dollar, up 0.30 won from the previous session.

Bond prices were mixed. The yield on three-year bonds shed 1.6 basis points to 1.414 percent, and the yield on 10-year bonds rose 2.8 basis points to 1.83 percent.

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


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