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Seoul stocks end up on optimism over U.S.-China trade talks

All News 15:58 January 11, 2019

SEOUL, Jan. 11 (Yonhap) -- South Korean shares closed higher Friday on optimism over U.S.-China trade negotiations. The won rose against the dollar.

The benchmark Korea Composite Stock Price Index rose 12.29 points, or 0.60 percent, to 2,075.57. Trading volume was moderate at 372.53 million shares worth 4.48 trillion won (US$4.01 billion), with gainers outnumbering decliners 534 to 294.

Signs of progress in the trade talks between the world's top two economies and dovish commentary from the U.S. Federal Reserve boosted investor sentiment, analysts said.

Foreigners bought a net 177.43 billion won worth of stocks. But institutions and individuals sold a combined 207.43 billion won worth of stocks, limiting gains in the main index.

Large-cap stocks were mixed across the board.

Market bellwether Samsung Electronics Co. rose 1.76 percent to 40,500 won, but No. 2 chipmaker SK hynix Inc. fell 0.31 percent to 65,100 won. Leading steelmaker POSCO declined 1.16 percent to 255,500 won, but dominant tobacco company KT&G Corp. gained 0.99 percent to 102,500 won.

The South Korean won traded at 1,116.40 won against the greenback, up 1.90 won from the previous session's close.


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