The Korea Herald


Seoul stocks extend winning streak to 6th day on lingering US stimulus hopes

By Yonhap

Published : Oct. 7, 2020 - 15:59

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(Yonhap) (Yonhap)
South Korean shares extended their winning streak to a sixth session Wednesday as US President Donald Trump kept hopes for a stimulus package alive after postponing negotiations for the deal. The Korean won rose against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.04 points, or 0.89 percent, to close at 2,386.94.

Trading volume was moderate at 722.8 million shares worth 8.8 trillion won ($7.6 billion), with gainers outnumbering losers 483 to 309.

Retail investors offloaded a net 347.6 billion won worth of shares, while foreigners sold a net 94.4 billion won. Institutions bought a net 430.9 billion won.

The index got off to a weak start, tracking overnight losses on Wall Street after US President Donald Trump pushed back talks with the Democrats for a stimulus plan until after next month's US presidential election.

The local index ended higher as investor sentiment improved after Trump later urged Congress to approve support for airlines and small businesses and said he would approve a stand-alone bill for stimulus checks.

In Seoul, most large caps closed higher.

Market bellwether Samsung Electronics jumped 1.53 percent to 59,900 won, and No. 2 chipmaker SK hynix rose 0.48 percent to 83,400 won.

Top pharmaceutical firm Samsung Biologics added 1.26 percent to 721,000 won, and Celltrion rose 0.97 percent to 260,500 won.

Leading chemical firm LG Chem climbed 0.89 percent to 680,000 won, and battery maker Samsung SDI rose 0.69 percent to 439,500 won.

Hyundai Motor, the country's largest automaker, inched up 0.27 percent to 183,000 won.

Internet portal giant Naver remained unchanged at 305,000 won, and its rival Kakao fell 0.26 percent to 380,500 won.

The local currency closed at 1,158.20 won per dollar, up 2.80 won from the previous session's close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.5 basis point to 0.910 percent, and the return on the benchmark five-year government bond added 0.1 basis point to 1.200 percent. (Yonhap)