Kospi gets boost from optimism over earnings

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Kospi gets boost from optimism over earnings

A screen shows the final figures for the Kospi in a trading room at Hana Bank in Jung District, central Seoul, on Friday. [YONHAP]

A screen shows the final figures for the Kospi in a trading room at Hana Bank in Jung District, central Seoul, on Friday. [YONHAP]

Stocks rebounded after a choppy session Friday, buoyed by optimism over improved corporate earnings in the third quarter. The won closed unchanged to the dollar.
The benchmark Kospi rose 5.76 points, or 0.24 percent, to close at 2,360.81.
Trading volume was moderate at 874 million shares worth 10.5 trillion won ($9.3 billion), with gainers outnumbering losers 436 to 408.
Foreigners bought a net 37 billion won, while retail investors sold a net 270 billion won. Institutions purchased a net 225 billion won.
Stocks got off to a muted start amid lingering uncertainties over  ongoing talks for a new U.S. virus relief package.
But gains by auto and banking heavyweights led the Kospi's rise, as investors pinned high hopes on a flurry of upbeat earnings reports scheduled for next week.
Posco, LG Chem and banking large caps revealed estimate-beating earnings this week, fueling optimism for the third-quarter earnings to be released next week.
In Seoul, large caps closed mixed.
Samsung Electronics added 0.17 percent to 60,200 won, and chipmaker SK hynix advanced 0.72 percent to 83,900 won.
Pharmaceutical firm Samsung Biologics dipped 3.34 percent to 636,000 won, but Celltrion edged up 0.21 percent to 238,000 won.
Internet portal Naver lost 2.22 percent to 286,500 won, with its rival Kakao down 2.58 percent to 340,000 won.
Chemical maker LG Chem gained 1.72 percent to 650,000 won, while rechargeable battery maker Samsung SDI shed 1.16 percent to 424,500 won.
Hyundai Motor added 2.77 percent to 167,000 won, and steelmaker Posco spiked 4.76 percent to 220,000 won.
The Kosdaq dropped 4.72 points, or 0.58 percent, to close at 807.98. 
The local currency closed at 1,132.9 won per dollar, flat from the previous session's close. 
Bond prices, which move inversely to yields, closed mixed. The yield on three-year bonds lost 1.9 basis points to 0.909 percent, and the return on 10-year bonds gained 4.3 basis points to close at 0.86 percent.
BY LEE JEE-YOUNG, YONHAP   [lee.jeeyoung1@joongang.co.kr]

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