Seoul shares close higher on eased U.S.-China trade tensions

All News 16:00 August 17, 2018

SEOUL, Aug. 17 (Yonhap) -- South Korean stocks closed slightly higher Friday on the latest news reports that the United States and China will resume trade talks later this month, analysts said. The local currency gained ground against the U.S. greenback.

The benchmark Korea Composite Stock Price Index (KOSPI) climbed 6.25 points, or 0.28 percent, to close at 2,247,05. It turned around from a 0.8 percent drop in the previous day when the KOSPI hit the lowest level in 15 months since May 2 last year.

Trading volume was light at 231.9 million shares worth 4.48 trillion won (US$3.98 billion), with winners outnumbering losers 555 to 268.

Foreigners turned to net buyers to scoop up a net 104.2 billion won worth of local shares, while institutions dumped 256.3 billion won worth of shares more than they bought.

"There has been only bad news these days. Today, investors responded to the good news that the two super powers started to move," said Kim Sung-hwan, an analyst from Bookook Securities Co. "Also, they think the Turkish issue has passed its peak."

Bio, refinery and retail shares led the increase.

Samsung Biologics, a bio-pharmaceutical unit of Samsung Group, jumped 4.09 percent to 458,000 won, and Hanmi Pharm rose 3.70 percent to 434,000 won.

Leading refinery SK Innovation advanced 1.01 percent to 201,000 won, and No. 3 S-Oil gained 2.04 percent to 125,000 won.

Shinsegae, a leading department store and duty-free shop operator, added 1.89 percent to 296,500 won, and GS Retail moved up 2.02 percent to 35,300 won.

Jin Air, a budget carrier line of the country's biggest airline, Korean Air Lines, vaulted 6.22 percent to 23,050 won after the government decided to allow it to stay in business.

On the other hand, top cap Samsung Electronics fell 0.34 percent to 44,100 won, and runner-up SK hynix lost 0.27 percent to 74,500 won.

The South Korean currency closed at 1,124.9 won against the U.S. dollar, up 5.2 won from the previous trading session.