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Seoul stocks end up for 3rd day on earnings hope

All News 15:55 April 29, 2020

SEOUL, April 29 (Yonhap) -- South Korean stocks ended higher for a third straight session Wednesday as investor sentiment was buoyed by expectations about robust earnings by U.S. tech firms. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.47 points, or 0.70 percent, to close at 1,947.56. Trade volume was moderate at 1.97 billion shares worth 10.4 trillion won (US$8.5 billion), with gainers outnumbering losers 570 to 272.

Investors await further earnings results from major U.S. companies, such as Amazon.com Inc. and Microsoft Corp., next week to take a cue in reorganizing their portfolios, analysts said.

"At the same time, they will be closely monitoring coronavirus infection rates and each government's ongoing discussions of how to restart economic activity," Roh Dong-kil, an analyst at NH Investment & Securities Co., said.

The U.S. Federal Reserve's policy decision due Wednesday (U.S. time) is also being watched by investors.

Institutions and foreigners bought a combined 484 billion won worth of stocks, offsetting individuals stock selling valued at 483 billion won.

Large-cap stocks were mixed across the board.

Top carmaker Hyundai Motor Co. rose 0.4 percent to 93,600 won, No. 2 chipmaker SK hynix Inc. climbed 0.4 percent to 83,700 won, leading steelmaker POSCO climbed 3.9 percent to 184,500 won, and national flag carrier Korean Air Lines Co. gained 0.5 percent to 19,800 won.

Among decliners, market bellwether Samsung Electronics Co. fell 0.2 percent to 50,000 won, and leading wireless services provider SK Telecom Co. declined 0.7 percent to 211,500 won.

The local currency closed at 1,218.20 won against the U.S. dollar, up 7.00 won from the previous session's close.

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