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Seoul stocks end higher on eased trade war woes

All News 16:09 September 21, 2018

SEOUL, Sept. 21 (Yonhap) -- South Korean stocks ended higher Friday, as investor sentiment was buoyed by the record close on Wall Street and eased concerns over global trade disputes, analysts said. The South Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 15.72 points, or 0.68 percent, to 2,339.17, hitting the highest since June 27. Trade volume was moderate at 306.55 million shares worth 7.06 trillion won (US$6.33 billion), with winners outnumbering losers 573 to 255.

The index opened higher, tracking the U.S. market, and rose further thanks to solid buying by institutions who picked up a net 100 billion won worth of local shares, along with foreigners' buying 42 billion won in local stocks more than they sold. Retailers, however, shed a net 207.8 billion won worth of stocks.

In the U.S. on Thursday, the Dow Jones industrial average spiked 0.95 percent to hit a new high and the Nasdaq surged 0.98 percent as investors focused on upbeat signs of strong economic growth while brushing aside worries over the tariffs war with China.

"Hopes still run high among investors over dialogue to settle trade friction between the U.S. and China," said Kim Yoo-kyun, an analyst at Cape Investment & Securities.

"Eased geographical concerns on the Korean peninsula also helped give related shares upward momentum," he noted.

Bio firms and chemicals led the market's upturn.

Pharmaceutical giant Celltrion surged 2.02 percent to 302,500 won, and Samsung Biologics advanced 0.38 percent to 530,000 won.

Leading chemical firm LG Chem increased 1.66 percent, and S-Oil went up 1.16 percent to 130,500 won. Top steelmaker POSCO soared 2.01 percent to 304,500 won.

Insurance also rose as bargain hunters moved in. Samsung Life Insurance spiked 4.69 percent to 96,000 won, and DB Insurance jumped 2.46 percent to 66,700 won. Samsung Fire & Marine Insurance picked up 2.71 percent to 265,000 won.

Financials gathered ground on expectations for the interest rates hike in the U.S., which could lead to a similar move by South Korea. KB Financial moved up 3.03 percent to 53,200 won, and Shinhan Financial rose 2.20 percent to 44,200 won.

On the other hand, tech shares in general lost ground. SK hynix tumbled 3.03 percent to 76,700 won, though Samsung Electronics rose 0.32 percent to 47,400 on a last-minute buying binge.

The South Korean currency closed at 1,115.30 won against the U.S. dollar, up 5.1 won from the previous session's close.

Next week, the stock market will be closed Monday through Wednesday for the Chuseok holiday.

Seoul stocks end higher on eased trade war woes - 1

graceoh@yna.co.kr
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