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(LEAD) Seoul stocks snap 6-day winning streak on profit-taking, Korean won gains

Stocks 16:46 November 08, 2019

(ATTN: ADDS bond yields at bottom and photo)

SEOUL, Nov. 8 (Yonhap) -- Seoul stocks ended lower Friday, snapping a six-day winning streak, as investors attempted to lock in gains amid hope for a partial U.S.-China trade deal. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.06 points, or 0.33 percent, to close at 2,137.23. Trading volume was moderate at 565 million shares worth 5.8 trillion won (US$5 billion), with gainers exceeding losers 490 to 322.

The main index opened higher after posting gains in the previous six sessions helped by hopes of a trade deal between the two economic superpowers. But it trimmed earlier gains to end in negative territory as foreigners turned net sellers on profit-taking.

On Thursday (local time), investors took a wait-and-see attitude after White House trade adviser Peter Navarro denied reports that the United States and China had agreed to gradually cancel tariffs on each other's goods as part of the first phase of a trade deal between them, analysts said.

Foreigners sold 94 billion won worth of stocks, exceeding institutions and individuals' combined stock purchases valued at 63 billion won.

Tech, auto and telecom stocks were lead decliners.

Market bellwether Samsung Electronics Co. fell 1.5 percent to 51,100 won, No. 2 chipmaker SK hynix declined 1.6 percent to 82,300 won, leading auto parts maker Hyundai Mobis shed 2 percent to 242,000 won and leading wireless services provider SK Telecom Co. was down 0.4 percent to 242,000 won.

Among gainers, No. 1 chemical firm LG Chem rose 2.1 percent to 323,000 won, leading steelmaker POSCO climbed 3 percent to 224,000 won and No. 1 refiner SK Innovation Co. was up 1.3 percent to 162,000 won.

The Korean won rose against the U.S. dollar to close at 1,157.50 won, up 1.80 won from the previous session's close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 2.3 basis points to 1.518 percent, and the return on the benchmark five-year government bond declined 2.4 basis points to 1.644 percent.

This photo taken on Nov. 8, 2019 shows a dealing room of KEB Hana Bank in Myeongdong, central Seoul. (Yonhap)


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