Market ends higher amid hopes for trade deal
The benchmark Kospi rose 14.80 points, or 0.67 percent, to 2,210.89. Trading volume was moderate at 309.2 million shares worth 4.56 trillion won ($4.05 billion).
Individuals sold a net 323.9-billion-won worth of stock. Foreign investors bought a net 45.5 billion won of stock and institutions bought a net 266.4 billion won worth of shares.
Investors expect the negotiations between the United States and China in Washington this week will help resolve the bilateral trade war ahead of the March 1 deadline, analysts said. They said such expectations are forecast to boost the main index. Trade talks between the world’s two biggest economies reportedly made good headway.
Tech stocks led gains. Market bellwether Samsung Electronics rose 0.33 percent to 46,200 won, and No. 2 chipmaker SK Hynix advanced 1.22 percent to 74,700 won. Bio shares ended higher. Shares of leading biosimilar manufacturer Celltrion rose 1.19 percent to close at 212,000 won and Hanmi Pharmaceutical inched up 0.87 percent to end at 464,000 won.
LG Chem moved up 2.89 percent to 391,000 won and LG Household & Health Care rose 2.21 percent to 1,251,000 won. S-Oil added 3.32 percent to 109,000 won and SK Innovation increased 2.47 percent to 186,500 won. Shipbuilders traded higher, with Hyundai Heavy Industries rising 1.98 percent to 128,500 won and Samsung Heavy Industries gaining 0.80 percent at 8,830 won.
Among decliners, top carmaker Hyundai Motor fell 0.41 percent to 120,500 won and its sister Kia Motors fell 0.84 percent to 35,600 won. Its auto parts manufacturing affiliate Hyundai Mobis fell 1.87 percent to 210,000 won. Leading steelmaker Posco declined 1.13 percent to 262,500 won. Mobile carriers closed with losses, with KT moving down 0.18 percent to 28,500 won and its rival LG U + falling 0.33 percent to 14,950 won. The secondary Kosdaq rose 6.67 points, or 0.9 percent, to end the session at 745.33.
The tech and bio-heavy index was lifted by foreign and institutional buying of pharmaceutical shares. The U.S. Nasdaq biotech index rose 1.7 percent Friday.
The Korean won closed at 1,125.80 won against the dollar, down 2.90 won from Friday’s close. Bond prices ended lower. The yield on three-year bonds rose 2.5 points to 1.80 percent. The yield on 10-year bonds rose 3.5 basis points to 2.00 percent.
BY KIM HE-YU, YONHAP [kim.heyu@joongang.co.kr]
with the Korea JoongAng Daily
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