Seoul stocks buoyed by global economic indicators

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Seoul stocks buoyed by global economic indicators

The final Kospi figure is displayed on a screen in a dealing room at KB Kookmin Bank, located in the financial district of Yeouido, western Seoul, Friday. [YONHAP]

The final Kospi figure is displayed on a screen in a dealing room at KB Kookmin Bank, located in the financial district of Yeouido, western Seoul, Friday. [YONHAP]

Stocks closed higher Friday on hopes of economic recovery buoyed by better-than-anticipated economic indicators from major economies, including the United States. The won rose against the dollar. 
The Kospi rose 17.04 points, or 0.80 percent, to close at 2,152.41. Trading volume was moderate at about 754 million shares worth some 8.5 trillion won ($7.1 billion), with gainers outnumbering losers 529 to 307.
The gains were led by hopes for an economic rebound, fueled by positive leads from the world's two largest economies, analysts said.
"U.S. job data seem to have given a positive sign to the local stock market," said Shinhan Financial Investment analyst Choi Yoo-joon.
The Nasdaq Composite gained 0.52 percent to close at a fresh record high of 10,207.63 on Friday, following reports that the U.S. jobless rate in June fell to 11.1 percent from 13.3 percent the previous month.
The rising number of new Covid-19 infections, however, remained a risk.
Korea added 63 cases Friday, the highest daily hike since 67 cases on June 20, raising its total caseload to 12,967.
"The steep increase in new Covid-19 infections is also driving some investors into a wait-and-see mode," Choi said.

Foreigners bought a net 12 billion won, snapping a four-session selling streak, while individuals offloaded a net 87 billion won. Institutions purchased a net 106 billion won.
Most large caps closed higher, led by service and tech gains.
Samsung Electronics gained 1.32 percent to 53,600 won, and SK hynix added 1.18 percent to 85,400 won.
Naver inched up 0.18 percent to 277,500 won, and Kakao jumped 2.98 percent to 294,000 won.
Samsung BioLogics dipped 1.91 percent to 771,000 won, while SK Biopharmaceuticals spiked 29.92 percent on its second day on the main bourse.
LG Chem advanced 2.22 percent to 507,000 won.
The local currency closed at 1,198.60 won per dollar, up 1.40 won from the previous session's close.
The secondary Kosdaq added 9.63 points, or 1.30 percent, to close at 752.18.
Bond prices, which move inversely to yields, closed mixed. The yield on three-year bonds added 0.3 basis points to 0.839 percent, while the return on the benchmark 10-year government bond lost 0.4 basis points to reach 0.67 percent.

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