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S. Korean stocks close higher on eased trade concerns

All News 15:53 July 10, 2018

SEOUL, July 10 (Yonhap) -- South Korean shares closed higher Tuesday apparently as investors scooped up bargains amid the eased concerns surrounding the tension between Washington and Beijing over trade, analysts said. The Korean won lost ground against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) moved up 8.36 points, or 0.37 percent, to close at 2,294.16. Trade volume was moderate at 329 million shares worth 4.8 trillion won (US$4.3 billion), with gainers outnumbering losers 610 to 219.

Analysts said Seoul shares closed higher as the latest trade dispute between the United States and China has been factored in to some extent by investors, with Wall Street also closing higher overnight.

"Considering such factors, the South Korean stock market is likely to experience bargain hunting focusing on firms and segments with high expectations, based on the market's sound fundamental factors," said Seo Sang-young, a researcher at Kiwoom Securities Co.

Foreigners bought up 34 billion won worth of local stocks more than they sold, while institutions offloaded a net 116 billion won. Retail investors bought a net 53.4 billion won of local shares.

Tech shares closed higher, with Samsung Electronics moving up 1.54 percent to 46,300 won and LG Electronics increasing 0.64 percent to 78,200 won.

Steelmakers were also among the winners, with No. 1 POSCO rising 1.31 percent to 309,000 won and Korea Zinc adding 4.31 percent to 387,500 won. Hyundai Steel advanced 0.41 percent to 48,400 won.

Top mobile carrier SK Telecom rose 1.97 percent to 233,000 won, and KT increased 0.18 percent to 27.750 won. LG Uplus, the smallest player, jumped 2.85 percent to 14,450 won.

Pharmaceutical shares, on the other hand, closed lower, with Celltrion moving down 1.06 percent to 281,000 won and Samsung BioLogics decreasing 2.34 percent to 417,000 won.

The local currency closed at 1,116 won against the U.S. dollar, down 3.80 won from Friday's close.


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