Seoul shares up on eased Brexit woes

SEOUL, July 4 (Yonhap) -- South Korean stocks ended 0.40 percent higher on Monday, rising for the sixth consecutive day, as market jitters over Brexit continued to taper off. The South Korean won inched down against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 7.98 points to 1,995.30. The figure topped the psychologically important 1990-mark.

Trading volume came to 462 million shares worth 4.04 trillion won (US$3.52 billion), with gainers outnumbering losers 450 to 353.

Foreigners net-purchased 153 billion won worth of shares, while institutional traders sold a net 136 billion won worth of stocks.

Analysts said the KOSPI will trade in the 1,990 range as uncertainties were eased following last week's rebound from a sharp plunge sparked by Britain's unexpected vote to leave the European Union (EU).

"This week will be a tipping point after the global market recovered from the Brexit shock," said Lee Kyung-min, an analyst at Daeshin Investment & Securities, noting that the market will be affected by other factors such as the Federal Open Market Committee (FOMC) meeting.

Market bellwether Samsung Electronics stayed flat at 1,466,000 won despite forecasts of better-than-expected earnings for the first quarter.

Top carmaker Hyundai Motor also stayed flat at 137,000 won. The state-run Korea Electric Power Corp. was off 0.67 percent to 59,000 won.

Steel and chemical shares ended with gains, with LG Chem, the country's top chemicals maker, advancing 1.74 percent to end at 262,600 won, and POSCO, the No. 1 steelmaker, shedding 2.4 percent to close at 202,500 won.

SK Innovation, the nation's top refiner, gained 5.38 percent to end at 147,000 won, and S-Oil, the No. 3 player, rose 5.27 percent to finish at 79,900 won.

The local currency ended at 1,146.90 won against the U.S. dollar, down 1.90 won from previous session's close.

khj@yna.co.kr
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