Tech offsets declines in Kospi’s other sectors

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Tech offsets declines in Kospi’s other sectors


Seoul shares ended higher Monday as gains in technology stocks helped offset declines in other shares.

The won depreciated against the dollar.

The benchmark Kospi rose 4.92 points, or 0.20 percent, to 2,465.57. Trade volume was moderate at 5.97 trillion won ($5.5 billion).

The main index rose as investor fears of a U.S.-China trade war eased amid economic talks between the two countries.

Institutions and individuals bought more shares than they sold, with institutions purchasing a net 33.2 billion won and individuals 6.8 billion won. Foreigners were net sellers, offloading 76.2 billion won.

Electronics shares led gains, increasing 1 percent. Market bellwether Samsung Electronics rose 1.01 percent to 50,000 won and No. 2 chipmaker SK Hynix climbed 1.37 percent at 89,100 won.

Among other gainers, leading steelmaker Posco rose 0.14 percent to 361,000 won and top refiner SK Innovation was up 0.49 percent to 207,000 won.

Samsung BioLogics rose 0.37 percent to 410,000 won, despite being embroiled in allegations of accounting fraud. Celltrion remained unchanged at 270,000 won.

But top carmaker Hyundai Motor fell 0.67 percent to 149,000 won. No. 1 chemical firm LG Chem also declined 1.60 percent to 338,500 won and utility firm Korea Electric Power Corporation was down 1.38 percent to 35,700 won.

The secondary Kosdaq climbed 3.51 points, or 0.40 percent, to 872.96. The tech-heavy index ended in positive terrain despite the Philadelphia Semiconductor Index declining for two consecutive sessions.

Institutions and individuals were net buyers, with institutions purchasing 13.6 billion won and individuals 35.6 billion won more than they sold. Foreigners offloaded a net 49.6 billion won.

Shares of pharmaceutical and IT parts were winners, each rising 0.8 percent and 2.9 percent.

Major biopharmaceutical player Medytox rose 4.13 percent to 688,800 won. Celltrion Pharm climbed up 2.21 percent to 92,500 won, while affiliate Celltrion Healthcare declined 1.59 percent to 92,600 won.

The local currency closed at 1,085.40 won against the U.S. dollar, up 7.80 won from the previous session.

Bond prices, which move inversely to yields, ended lower. The yield on three-year bonds rose 2.0 basis points to 2.25 percent, and the return on 10-year government bonds also advanced 0.4 basis points to 2.77 percent.

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