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Seoul stocks end higher on eased tension over U.S.-China trade row
Date
2018.04.06
Views
842


According to Yonhap News,

(SEOUL=Yonhap News) South Korean stocks finished higher Thursday after a three-day losing streak, as fear over a full-blown trade war between the United States and China receded, analysts said. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 29.46 points, or 1.22 percent, to close at 2,437.52. Trade volume was high at 574.6 million shares worth 7.2 trillion won (US$6.8 billion), with gainers outnumbering losers 472 to 326.

The local market opened higher tracking overnight gains on Wall Street, rebounding from the recent losses triggered by the trade dispute between the world's two largest economies.

"Though it is unlikely that a trade war will take place, it is widely viewed as a factor that could raise market volatility," said Yoon Yeo-sam, an analyst at Meritz Securities.

After the two countries unveiled their respective tariff plans, Larry Kudlow, U.S. President Donald Trump's economic advisor, said Wednesday the proposed duties on China may not go into effect.

Institutional and foreigners bought a net 196 billion won and 72 billion won worth of local stocks, while individuals dumped 263.5 billion won.

Shares across the board traded in positive terrain, with market kingpin, Samsung Electronics, jumping 3.88 percent to close at 2,437,000 won one day ahead of the release of its first-quarter earnings guidance.

SK hynix, a major chipmaker, was up 3.11 percent to 82,900 won.

Shipbuilders and shipping companies also led the gains after the government rolled out its mid-term restructuring plan for the country's maritime industry, which has been undergoing a bruising time following massive losses.

Hyundai Merchant Marine jumped a whopping 14.83 percent to 5,150 won, and Hyundai Heavy Industries advanced 7.02 percent to 129,500 won. Daewoo Shipbuilding & Marine Engineering was up 7.23 percent to close at 27,450 won.

Naver, the country's top portal operator, soared 3.32 percent to close at 779,000 won, and steelmaker POSCO edged up 0.31 percent to 318,500 won.

Auto giant Hyundai Motor, meanwhile, fell 1.6 percent to 154,000 won, and its smaller affiliate Kia Motors also surrendered 0.61 percent to finish at 32,350 won. Auto parts maker Hyundai Mobis was down 0.76 percent to 262,500 won.

The local currency ended at 1,059.70 won against the greenback, up 0.1 percent from the previous session's close.

Bond prices, which move inversely to yields, ended lower. The yield on three-year Treasurys rose 0.7 basis point to 2.175 percent, and the return on benchmark five-year government bonds increased 1.4 basis points to 2.408 percent.

scaaet@yna.co.kr


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Source Text


Source: Yonhap News (Apr. 05, 2018)

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