Kospi up over 1% on optimism on trade war

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Kospi up over 1% on optimism on trade war

Stocks jumped more than 1 percent Monday to extend their winning streak to a third day, as foreign investors scooped up major shares before the signing of a U.S.-China trade deal. The won sharply rose against the dollar.

The Kospi rose 22.87 points, or 1.04 percent, to close at 2,229.26, marking its highest point since April 17, when it reached 2,245.89 points.


Trade volume was moderate at 480 million shares worth 6.1 trillion won ($5.3 billion), with gainers far outnumbering losers 594 to 248.

Foreign investors maintained their net buying position for the seventh straight session to scoop up a net 258.1 billion won, while individuals and institutions offloaded a net 49.4 billion won and 214.5 billion won, respectively.

With signs of a recovery in chip prices, investors have been rushing to chipmakers as the United States and China are scheduled to sign their Phase 1 trade deal in Washington later this week, possibly winding down a tariff war between the world’s two largest economies.

Samsung Electronics extended its winning streak to a fifth day, rising 0.84 percent to end at a fresh record high of 60,000 won.

SK Hynix was 1.62 percent higher, ending at an all-time high of 100,500 won.

Chemicals shares were also bullish, with LG Chem gaining 2.31 percent to reach 332,500 won.

Cosmetics makers also advanced on hopes that China’s economic sanctions against Korea over the deployment of a U.S.-led missile defense scheme may be lifted.

Amorepacific was up 5.22 percent at 232,000 won, and LG Household & Health Care surged 4.54 percent to 1,404,000 won.

Bio shares were in positive terrain; with Samsung BioLogics picking up 0.92 percent to end at 440,500 won.

Auto shares were mixed. Hyundai Motor moved up 1.32 percent to 115,000 won, and Kia Motors added 0.12 percent to a close at 40,450 won. In contrast, auto parts maker Hyundai Mobis fell 1.02 percent to 242,000 won.

The local currency closed at 1,156 won against the dollar, sharply down 5.3 won from the previous session’s close.

The secondary Kosdaq climbed up 6.19 points, or 0.92 percent, to close at 679.22.

Bond prices, which move inversely to yields, closed lower. The yield on three-year bonds lost 0.4 basis point to stand at 1.420 percent, and the return on the benchmark 10-year government bond lost 3.6 basis point to reach 1.82 percent.

BY KIM YEON-AH, YONHAP [kim.yeonah@joongang.co.kr]
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