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Seoul stocks snap 3-day losing streak, foreigners end 21-day selling spree

All Headlines 16:00 December 06, 2019

SEOUL, Dec. 6 (Yonhap) -- Seoul stocks snapped their three-day losing streak on Friday to spike by 1 percent on revived hopes for a trade deal between the United States and China within this year, and foreign investors ended their 21-day selling spree.

The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.11 points, or 1.02 percent, to close at 2,081.85. Trading volume was moderate at 433 million shares worth 4.04 trillion won (US$3.4 billion), with winners outnumbering losers 596 to 240.

The main index opened higher, getting a boost from U.S. President Donald Trump's comments on Wednesday (local time) that negotiations with China are "moving along well," analysts said.

Investor sentiment was also boosted by news reports that Washington and Beijing are nearing a phase-one trade deal that would avoid new U.S. tariffs due on Chinese products on Dec. 15.

"Investors are keeping a close eye on developments in the U.S.-China trade talks, while awaiting a U.S. government jobs report due out later Friday," Noh Dong-kil, an analyst at NH Investment & Securities Co., said.

The Labor Department's November employment data in the nonfarm sector offers a gauge on the outlook for spending, which is crucial for U.S. economic expansion.

Foreigners turned net buyers of local stocks worth 43 billion won, ending the selling spree over the past 21 straight sessions. Institutions scooped up 158 billion won worth of stocks, while individuals sold a net 221 billion stocks.

Tech, auto and steel stocks led gains.

Market bellwether Samsung Electronics Co. rose 1.8 percent to 50,400 won, No. 2 chipmaker SK hynix Inc. climbed 2.3 percent to 80,600 won and leading steelmaker POSCO was up 0.7 percent to 230,500 won.

Among decliners, leading refiner SK Innovation Co. fell 0.4 percent to 141,500 won, dominant tobacco company KT&G Corp. declined 0.5 percent to 95,200 won and Hanjin KAL Corp., the parent firm of Korean Air Lines Co., shed 1.5 percent to 39,450 won.

The Korean won closed at 1,189.60 won per dollar, up 0.60 won from the previous session.
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