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Seoul shares trim earlier gains in late morning trading

Stocks 11:38 April 05, 2019

SEOUL, April 5 (Yonhap) -- Seoul shares trimmed back earlier gains late Friday morning as investors remained cautious about the ongoing trade talks between the United States and China in Washington this week.

The Korea Composite Stock Price Index (KOSPI) moved up 3.15 points, or 0.14 percent, to trade at 2,209.68 as of 11:20 a.m.

Foreigners and institutions bought a combined 87 billion won (US$76 million) worth of stocks, offsetting individuals' net selling worth 84 billion won.

Foreigners continued to expand their purchases of the past seven sessions, following a report that the world's top two economies have ironed out most of their differences in ongoing trade negotiations to end their long-running trade row.

But individuals sold stocks on profit taking, while eyeing the outcome of the negotiations, analysts said.

Large-cap stocks advanced across the board.

SK hynix Inc. rose 0.26 percent, top carmaker Hyundai Motor Co. climbed 1.62 percent and leading steelmaker POSCO gained 1.10 percent.

Samsung Electronics Co. fell 0.53 percent after the chip giant reported an operating profit of 6.2 trillion won for the January-March quarter, a 60 percent on-year decrease in its first-quarter earnings guidance.

The Korean won was trading at 1,136.40 won against the U.S. dollar, down 0.10 won from the previous session's close.


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