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(LEAD) Seoul stocks up for 5th day on easing U.S. election uncertainties

All News 16:34 November 06, 2020

(ATTN: ADDS bond yields at bottom, photo)

SEOUL, Nov. 6 (Yonhap) -- South Korean stocks extended their winning streak to a fifth day Friday, helped by massive foreign buying amid eased uncertainties over U.S. election results. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.71 points, or 0.11 percent, to close at 2,416.5.

Trading volume was moderate at about 812 million shares worth around 12.4 trillion won (US$11.1 billion), with losers outnumbering gainers 533 to 294.

Electronic signboards at the trading room of Hana Bank in Seoul show the benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,416.5 on Nov. 6, 2020, up 2.71 points or 0.11 percent from the previous session's close. (Yonhap)

The KOSPI traded choppy amid profit-taking and reduced uncertainties from the U.S. presidential election results.

Growing expectations on a Biden win pushed up stocks related to renewable energy and weakened the dollar against the local currency.

"South Korean stock markets fluctuated upon massive foreign buying since yesterday," Kiwoom Securities analyst Seo Sang-young said. "Secondary batteries and certain stocks particularly led the (KOSPI's) gain," he added.

Foreigners bought a net 788 billion won after raking in a massive 1.13 trillion won the previous day, while retail investors sold a net 796 billion won. Institutions offloaded a net 4 billion won.

Most large caps closed mixed in Seoul.

Market bellwether Samsung Electronics lost 0.33 percent to 60,100 won, but No. 2 chipmaker SK hynix edged up 0.23 percent to 86,300 won.

Pharmaceutical giant Samsung Biologics retreated 0.51 percent to 777,000 won, while Celltrion gained 2.02 percent to 277,500 won.

Leading chemical firm LG Chem spiked 6.35 percent 720,000 won, but Hyundai Motor, the country's largest carmaker, shed 2.57 percent to 170,500 won.

Internet portal giant Naver climbed 0.67 percent to 301,000 won, and its rival Kakao advanced 2.07 percent to 370,500 won.

The local currency closed at 1,120.4 won against the U.S. dollar, up 7.8 won from the previous session's close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 1.6 basis points to 0.943 percent, and the return on the benchmark five-year government bond added 3.1 basis points to 1.254 percent.

jwc@yna.co.kr
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