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(LEAD) Seoul stocks up for 3rd day on recovery hopes

All News 16:39 June 02, 2020

(ATTN: ADDS bond yields at bottom, photo)

SEOUL, June 2 (Yonhap) -- South Korean stocks rose by more than 1 percent Tuesday, extending a winning streak to a third consecutive session on hopes for economic reopening, despite uncertainties from the spreading protests against police violence in the United States. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.11 points, or 1.07 percent, to close at 2,087.19. Trading volume was heavy at about 985.1 million shares worth some 10.1 trillion won (US$8.2 billion), with winners outnumbering losers 639 to 195.

Electronic signboards at a KEB Hana Bank trading room in Seoul show the benchmark Korea Composite Stock Price Index (KOSPI) up 22.11 points, or 1.07 percent, to close at 2,087.19 on June 2, 2020, while the Korean won fell against the U.S. dollar. (Yonhap)

The growing hopes for economic reopening boosted investor sentiment in the face of growing unrest in the United States and the escalating Sino-American tensions.

"We are still seeing market expectations that the post-lockdown economic recovery will pick up down the road," said Kim Yong-gu, an analyst at Hana Financial Investment.

Among gainers, shipbuilders outshined others on news that big-three players here have landed a mega deal to build LNG carriers.

Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering signed a combined $19.2 billion deal with Qatar Petroleum to reserve their LNG ship construction capacity for Qatar Petroleum through 2027, the Middle Eastern company said.

Samsung Heavy Industries shot up 18.27 percent to end at 5,890 won, and Daewoo Shipbuilding & Marine Engineering jumped 14.41 percent to 27,400 won.

Most other large caps finished in positive terrain.

Market bellwether Samsung Electronics gained 0.39 percent to 51,400 won, while No. 2 chipmaker SK hynix slid 0.36 percent to 83,300 won.

Leading pharmaceutical firm Samsung Biologics stayed flat at 629,000 won, but Celltrion dipped 1.32 percent to 224,500 won.

Top automaker Hyundai Motor jumped 2.50 percent to 102,500 won, with its smaller affiliate Kia Motors spiking 5.49 percent to 36,500 won.

The local currency closed at 1,225.40 won per dollar, down 0.40 won from the previous session's close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 2.0 basis points to 0.851 percent, and the return on the benchmark five-year government bond advanced 0.8 basis point to 1.127 percent.


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