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Seoul stocks gain on Trump's tax cut plans

All News 15:51 February 10, 2017

SEOUL, Feb. 10 (Yonhap) -- South Korean stocks rose Friday, buoyed by a pledge by U.S. President Donald Trump to detail his plans to cut taxes on businesses. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.2 points, or 0.45 percent, to close at 2,075.08. Trade volume was moderate at 309 million shares worth 4.76 trillion won (US$4.13 billion), with gainers outnumbering losers 449 to 356.

Along with Trump's tax plans to boost the world's largest economy, the local stock market was supported by a solid rise in China's exports in January.

Min Kyung-won, an analyst with NH Futures, said the tax pledge by Trump spurred a reversal in market sentiment that had been subdued over uncertainties about Trump's policies.

Top cap Samsung Electronics fell 0.1 percent to end at 1,918,000 won, and SK hynix, a global chipmaker, plunged 5.12 percent to 50,000 won.

Naver, the operator of the country's top Internet portal, rose 1.02 percent to 795,000 won.

Automakers traded in positive terrain, with industry leader Hyundai Motor up 0.71 percent to 141,000 won, while its smaller affiliate Kia Motors gained 0.82 percent to 36,800 won.

The local currency closed at 1,150.60 won against the U.S. dollar, down 4.8 won from the previous session's close.

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