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(LEAD) Seoul shares close higher amid ongoing U.S.-China trade talks

All News 16:42 December 07, 2018

(ATTN: ADDS bond yields at bottom; CHANGES photo)

SEOUL, Dec. 7 (Yonhap) -- South Korean stocks ended higher Friday as investors remained cautious about the ongoing U.S.-China trade deal. The won rose against the dollar.

The benchmark Korea Composite Stock Price Index trimmed earlier gains to end 7.07 points, or 0.34 percent, higher than the previous session at 2,075.76. Trading volume was moderate at 363 million shares worth 4.22 trillion won (US$3.8 billion), with gainers outnumbering losers 453 to 359.

Foreigners and individuals bought a combined 39 billion won worth of stocks, but institutions offloaded 60.52 billion won worth of shares.

A sharp rebound is unlikely as investors remain wary ahead of hot-button issues that could generate volatility in the coming months, such as the 90-day deadline for U.S.-China trade talks, analysts said.

Tech, steel and auto stocks advanced, with market bellwether Samsung Electronics Co. rising 1.1 percent to 40,950 won, leading steelmaker POSCO climbing 0.60 percent to 249,500 won and top carmaker Hyundai Motor Co. gaining 0.45 percent to 111,000 won.

Among decliners, leading chemical firm LG Chem Ltd. fell 0.57 percent to 351,500 won and No. 1 wireless services provider SK Telecom Co. shed 1.57 percent to 283,000 won.

The local currency traded at 1,119.80 won against the U.S. dollar, up 0.50 won from the previous session's close.

Bond prices, which move inversely to yields, were mixed at the close. The yield on three-year Treasurys fell 0.5 basis point to 1.834 percent, and the return on benchmark five-year government bonds rose 0.7 basis point to 1.885 percent.

(LEAD) Seoul shares close higher amid ongoing U.S.-China trade talks - 1


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