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(LEAD) Seoul stocks end up amid trade hopes, won falls

Stocks 16:36 November 07, 2019

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

SEOUL, Nov. 7 (Yonhap) -- Seoul stocks ended higher Thursday, extending their gains to a sixth straight session, as investors remain hopeful about a partial U.S.-China trade deal despite the latest news about a possible delay of its signing. The Korean won fell against the U.S. dollar.

After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) rose 0.14 points, or 0.01 percent, to close at 2,144.29. Trading volume was moderate at 418 million shares worth 5 trillion won (US$4.3 billion), with gainers exceeding losers 408 to 391.

The KOSPI index opened lower but soon erased earlier losses to end in positive territory as investors were not swayed by reports that the signing of a partial trade deal between the world's two biggest economies may be delayed until next month.

Media report have said that China's latest push for more tariff rollbacks may not allow the two sides to sign the deal this month as planned initially, denting investor optimism.

But the sentiment revived as analysts expected the push won't likely derail progress toward the "phase one" agreement.

Foreigners turned net sellers, offloading 150 billion won worth of stocks. But institutions and individuals turned net buyers, scooping a combined 114 billion won worth of stocks.

Large-cap stocks were mixed across the board.

No. 2 chipmaker SK hynix rose 0.1 percent to 83,600 won, leading auto parts maker Hyundai Mobis climbed 1 percent to 247,000 won and leading steelmaker POSCO gained 0.2 percent to 217,500 won.

Among decliners, market bellwether Samsung Electronics fell 0.8 percent to 52,900 won, No. 1 chemical firm LG Chem shed 0.3 percent to 316,500 won and Asiana Airlines plunged 5.2 percent to 5,310 won.

The Korean won fell against the U.S. dollar to close at 1,159.30 won, down 2.40 won from Wednesday's close.

Bond prices, which move inversely to yields, closed down. The yield on three-year Treasurys rose 1.1 basis points to 1.541 percent, and the return on the benchmark five-year government bond climbed 0.3 basis point to 1.668 percent.

This photo taken on Nov. 7, 2019, shows a dealing room of KEB Hana Bank in Myeongdong, central Seoul. (Yonhap)


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