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Seoul stocks close higher on U.S.-China trade talks

All News 16:09 January 09, 2019

SEOUL, Jan. 9 (Yonhap) -- South Korean shares closed higher Wednesday on signs of progress in the U.S.-China trade talks. The won rose against the dollar.

The benchmark Korea Composite Stock Price Index rose 39.44 points, or 1.95 percent, to 2,064.71. Trading volume was moderate at 379.52 million shares worth 5.42 trillion won (US$4.8 billion), with gainers outnumbering decliners 646 to 188.

Institutions and foreigners bought a combined 527 billion won worth of stocks, offsetting 516 billion won worth of stock purchases by individuals.

Many investors were buoyed by trade negotiation developments amid the Trump administration's optimism over a "reasonable" trade deal with China, analysts said.

Tech, auto and steel stocks led gains.

Market bellwether Samsung Electronics Co. jumped 3.94 percent to 39,600 won, No. 2 chipmaker SK hynix Inc. soared 7.43 percent to 63,600 won, top carmaker Hyundai Motor Co. gained 2.93 percent to 119,500 won and leading steelmaker POSCO was up 4.07 percent at 255,500 won.

Samsung Electronics rebounded from a 1.68 percent fall in the previous session after it came out with a lower-than-expected operating income of 10.8 trillion won in preliminary results for the October-December quarter. It was far lower than the market forecast of about 14 trillion won.

Among decliners, leading wireless services provider SK Telecom Co. fell 2.36 percent to 269,000 won, and state-run Korea Electric Power Corp. shed 5.36 percent to 33,550 won.

The South Korean won traded at 1,122.10 won against the U.S. greenback, up 2.00 won from the previous session's close.

Seoul stocks close higher on U.S.-China trade talks - 1


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