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Seoul stocks up for 5th day on U.S.-China talks, ECB hope

Stocks 16:02 September 10, 2019

SEOUL, Sept. 10 (Yonhap) -- Seoul shares closed higher on Tuesday to extend their gains to a fifth consecutive day on hopes for planned U.S.-China trade dialogue slated for next month. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) moved up 12.53 points, or 0.62 percent, to close at 2,032.08. Trade volume was moderate at 496 million shares worth 4.37 trillion won (US$3.6 billion), with gainers outnumbering losers 554 to 256.

Investors remained positive amid expectations the European Central Bank will come up with new stimulus measures during its meeting slated for Thursday.

The South Korean stock market will be closed on Thursday and Friday for the Chuseok holidays, the Korean equivalent of Thanksgiving.

Foreigners scooped up a net 15.2 billion won worth of shares, while retail investors dumped a net 192.6 billion won. Institutions sold more shares than they bought at 171 billion won.

Top market cap Samsung Electronics moved up 0.21 percent at 47,000 won, while SK hynix fell 1.42 percent at 83,100 won. LG Electronics, on the other hand, jumped 5.87 percent at 64,900 won.

Samsung BioLogics gained 1.25 percent at 283,500 won while Celltrion tumbled 0.6 percent at 165,000 won. Hanmi Pharmaceuticals rose 0.18 percent at 275,500 won.

Financial stocks also advanced. Shinhan Financial, a major banking group, rose 1.69 percent at 42,200 won and KB Financial climbed 3.28 percent at 42,500 won.

The local currency closed at 1,193.30 won against the U.S. dollar, down 0.30 won from the previous session's close.

Seoul stocks up for 5th day on U.S.-China talks, ECB hope - 1

colin@yna.co.kr
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