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(LEAD) Seoul stocks rebound on U.S. tech rally, another stimulus measure

All News 16:34 September 10, 2020

(ATTN: ADDS bond yields at bottom, photo)

SEOUL, Sept. 10 (Yonhap) -- South Korean shares closed higher Thursday in sync with the overnight Wall Street rebound and on the back of another stimulus measure amid the pandemic. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.67 points, or 0.87 percent, to close at 2,396.48.

Trading volume was moderate at about 1.1 billion shares worth some 15.6 trillion won (US$13.2 billion), with gainers outnumbering losers 596 to 232.

Foreigners bought a net 381 billion won, ending their four-day selling streak, and retail investors purchased a net 67 billion won. Institutions offloaded a net 473 billion won.

Electronic signboards at the trading room of Hana Bank in Seoul show the benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,396.48 on Sept. 7, 2020, up up 20.67 points or 0.87 percent from the previous session's close. (Yonhap)

The KOSPI gained after a 1.09 percent fall the previous session.

"The tech rebound in the U.S. seems to have given an upward push to the local stock market," Daeshin Securities analyst Lee Kyung-min said.

Since the week's start, valuation concerns on tech shares have roiled the financial markets at home and in major economies.

The South Korean government also proposed a fourth supplementary budget worth 7.8 trillion won aimed at helping small merchants and self-employed people cope with the economic impact of a recent resurgence of the new coronavirus.

Most large caps closed higher.

Market bellwether Samsung Electronics added 1.37 percent to 59,200 won, but No. 2 chipmaker SK hynix shed 0.91 percent to 76,600 won.

Top pharmaceutical firm Samsung Biologics gained 0.66 percent to 764,000 won, while Celltrion closed flat at 305,000 won.

Internet portal giant Naver sank 4.26 percent to 314,500 won, with its rival Kakao dipping 2.49 percent to 298,500 won.

Leading chemical maker LG Chem advanced 2 percent to 713,000 won, and rechargeable battery maker Samsung SDI edged up 0.12 percent to 430,000 won.

Hyundai Motor, the country's largest automaker, rose 0.9 percent to 169,000 won, and top steelmaker POSCO added 0.27 percent to 185,500 won.

The local currency closed at 1,184.9 won per dollar, up 4.2 won from the previous session's close.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasurys closed flat at 0.915 percent, and the return on the benchmark five-year government bond added 2.8 basis points to 1.218 percent.


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