Kospi still rides on U.S.-China trade optimism

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Kospi still rides on U.S.-China trade optimism

The stock market closed higher Tuesday to extend its winning streak to a fourth day amid hopes for improvement in trade relations between the United States and China and an imminent signing of their trade deal. The won fell against the dollar.

The Kospi gained 9.62 points, or 0.43 percent, to close at 2,238.88. Trade volume was heavy at 823 million shares worth 7.1 trillion won ($6.1 billion), with gainers outnumbering losers 426 to 390.

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Foreign investors maintained their net buying position for the eighth straight session to scoop up a net 262.9 billion won. Individuals bought a net 132.4 billion won, while institutions offloaded a net 426.2 billion won.

In an indication of improved relations, Washington said Beijing will no longer be designated as a currency manipulator ahead of their signing of a preliminary trade agreement to ease tariffs later this week.

“The U.S. Treasury Department’s decision to eliminate the designation of China as a currency manipulator brought a positive effect to foreign buying,” Seo Sang-young, an analyst at Kiwoom Securities, said.

In Seoul, most large-cap shares ended mixed.

Chipmakers took a breather after a week-long rally as investors cashed in part of their recent gains.

Samsung Electronics was unchanged at 60,000 won, after opening higher, to snap its five-day winning streak. SK Hynix was also unchanged to end at 100,500 won.

Bio shares were in negative terrain, with pharmaceutical firm Samsung BioLogics decreasing 1.25 percent to end at 435,000 won. Another bio firm, Celltrion, lost 0.84 percent to 178,000 won.

In contrast, Samsung SDI, the battery unit of Samsung, jumped 2.51 percent to finish at a 52-week high of 265,500 won on upbeat market forecast for its electric vehicle battery business.

Auto shares also ended bullish. Hyundai Motor moved up 0.87 percent to 116,000 won and Kia Motors was 1.73 percent higher at 41,150 won. Auto parts maker Hyundai Mobis added 0.83 percent to 244,000 won.

The local currency closed at 1,156.1 won against the U.S. dollar, up 0.1 from the previous session’s close.

The secondary Kosdaq inched down 0.51 points, or 0.08 percent, to close at 678.71.

Bond prices, which move inversely to yields, were mixed. The yield on three-year bonds lost 3.6 basis point to stand at 1.384 percent, while the return on the benchmark 10-year government bond gained 2.8 basis point to reach 1.84 percent.

BY KANG JAE-EUN, YONHAP [kang.jaeeun@joongang.co.kr]
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