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Seoul stocks extend winning streak to 7th session despite Samsung losses

All News 16:16 June 08, 2020

SEOUL, June 8 (Yonhap) -- South Korean stocks closed higher Monday, extending a winning streak to a seventh consecutive session despite losses in Samsung Electronics and other Samsung affiliates' shares. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 2.42 points, or 0.11 percent, to close at 2,184.29. Trading volume was moderate at about 842.9 million shares worth some 12.9 trillion won (US$10.7 billion), with gainers outnumbering losers 444 to 393.

Institutions sold a net 371.7 billion won, ending a five-day buying streak. Foreigners bought a net 7.4 billion won, with individuals purchasing a net 379 billion won.

The index erased most of the early morning gains as Samsung Electronics Vice Chairman Lee Jae-yong appeared in a court for questioning by a judge over whether to approve an arrest warrant.

The Samsung heir is under investigation over a controversial merger of the two Samsung affiliates in 2015, a key process in his takeover of Samsung Group from his ailing father, Lee Kun-hee.

Market kingpin Samsung Electronics shed 1.08 percent to close at 54,900 won, snapping a 10-session winning streak since May 25.

Other Samsung affiliate suffered losses. Leading pharmaceutical firm Samsung BioLogics slipped 0.15 percent to 664,000 won. Samsung SDS lost 0.81 percent to 183,000 won and Samsung Electro-Mechanics contracted 1.14 percent to 130,000 won.

The assessment results of Lee's arrest warrant are set to be announced late Monday night at the earliest.

Despite the Samsung losses, the KOSPI managed to close in positive terrain, helped by positive leads for a global economic rebound.

The KOSPI is likely to stay in a tight range though, analysts said.

"The surprise improvement in the U.S. jobless data fueled hopes for a V-shaped economic recovery, but it also raised the possibility of stock dumping for profit-taking," Kiwoom Securities analyst Seo Sang-young said.

The U.S. Federal Open Market Committee's next meeting is set for Tuesday-Wednesday (New York time).

In Seoul, large caps traded mixed.

The country's No. 2 chipmaker SK hynix rose 0.66 percent to 91,000 won.

Leading pharmaceutical firm Celltrion slid 0.19 percent to 256,000 won, while top chemical maker LG Chem stayed flat at 434,000 won.

Top automaker Hyundai Motor climbed 1.80 percent to 113,000 won, with its smaller affiliate Kia Motors up 2.46 percent to 37,450 won.

Internet portal giant Naver surged 4.11 percent to 240,500 won, while auto part maker Hyundai Mobis dropped 0.68 percent to 217,500 won.

The local currency closed at 1,204.80 won against the U.S. dollar, up 2.30 won from the previous session's close.


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