Seoul stocks up for sixth day on hopes of U.S. stimulus package
Shares extended their winning streak to a sixth session Wednesday as U.S. President Donald Trump kept hopes for a stimulus package alive after postponing negotiations for the deal. The won rose against the dollar.
The benchmark Kospi rose 21.04 points, or 0.89 percent, to close at 2,386.94.
Trading volume was moderate at 722.8 million shares worth 8.8 trillion won ($7.6 billion), with gainers outnumbering losers 483 to 309.
Retail investors offloaded a net 347.6 billion won worth of shares, while foreigners sold a net 94.4 billion won. Institutions bought a net 430.9 billion won.
The index got off to a weak start, tracking overnight losses on Wall Street after U.S. President Donald Trump pushed back talks with the Democrats for a stimulus plan until after next month's U.S. presidential election.
The local index ended higher as investor sentiment improved after Trump later urged Congress to approve support for airlines and small businesses and said he would approve a stand-alone bill for stimulus checks.
In Seoul, most large caps closed higher.
Market bellwether Samsung Electronics jumped 1.53 percent to 59,900 won, and No. 2 chipmaker SK hynix rose 0.48 percent to 83,400 won.
Pharmaceutical firm Samsung Biologics added 1.26 percent to 721,000 won, and Celltrion rose 0.97 percent to 260,500 won.
Chemical firm LG Chem climbed 0.89 percent to 680,000 won, and battery maker Samsung SDI rose 0.69 percent to 439,500 won.
Hyundai Motor inched up 0.27 percent to 183,000 won.
Internet portal Naver remained unchanged at 305,000 won, and its rival Kakao fell 0.26 percent to 380,500 won.
The Kosdaq rose 7.08 points, or 0.82 percent, to close at 869.66.
The local currency closed at 1,158.20 won per dollar, down 2.80 won from the previous session's close.
Bonds, which move inversely to yields, finished mixed. The yield on three-year bonds gained 0.8 basis points to 0.913 percent, and the return on 10-year bonds fell 4.5 basis points to 0.74 percent.
BY LEE JEE-YOUNG, YONHAP [firstname.lastname@example.org]