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(LEAD) Seoul stocks snap 8-day winning streak on virus resurgence

All News 16:53 October 13, 2020

(ATTN: ADDS bond yields at bottom, photo)

SEOUL, Oct. 13 (Yonhap) -- South Korean stocks ended their eight-session winning streak Tuesday, as investors went risk-averse over a resurgence of the new coronavirus. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.58 point, or 0.02 percent, to close at 2,403.15.

Trading volume was moderate at about 715 million shares worth some 10 trillion won (US$8.7 billion), with losers outnumbering gainers 504 to 322.

Foreigners bought a net 209 billion won, while institutions sold off a net 172 billion won. Individuals offloaded a net 33 billion won.

Electronic signboards at a Hana Bank dealing room in Seoul show the benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,403.15 on Oct. 13, 2020, down 0.58 point or 0.02 percent from the previous session's close. (Yonhap)

The KOSPI fell back into negative terrain after opening a tad higher following the overnight Wall Street rally.

Investor sentiment worsened as the country's new COVID-19 infections bounced back to the triple digits, stoking fears that the pandemic may inflict more damage on the economy.

"Investors seem to have been spooked into the selling mode after the new COVID-19 infections topped 100," Kiwoom Securities analyst Seo Sang-young said.

In Seoul, most large caps closed lower.

Market bellwether Samsung Electronics added 0.83 percent to 60,900 won, and No. 2 chipmaker SK hynix jumped 3.16 percent to 88,200 won.

Top pharmaceutical firm Samsung Biologics gained 0.56 percent to 723,000 won, but Celltrion retreated 1.1 percent to 270,500 won.

Internet portal giant Naver rose 1.03 percent to 295,000 won, with its rival Kakao edging up 0.13 percent to 372,000 won.

Leading chemical maker LG Chem sank 4.17 percent to 644,000 won, while rechargeable battery maker Samsung SDI climbed 1.25 percent to 445,500 won.

Hyundai Motor, the country's largest automaker, lost 0.56 percent to 179,000 won, and top steelmaker POSCO declined 0.97 percent to 205,000 won.

The local currency closed at 1,147.1 won per dollar, down 0.3 won from the previous session's close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys slipped 0.2 basis point to 0.923 percent, and the return on the benchmark five-year government bond lost 1.4 basis points to 1.211 percent.


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