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Market down as investors make some money

Jan 11,2019
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Korean shares closed lower Thursday as investors looked for profit, with the U.S. and China wrapping up three days of trade talks without tangible results. The Korean won appreciated against the dollar.

The benchmark Kospi fell 1.43 points, or 0.07 percent, to 2,063.28.

Trading volume was moderate at 382.88 million shares worth 5.43 trillion won ($4.85 billion).

Foreigners bought a net 273.2 billion won worth of stocks. On the other hand, institutional investors sold a net 261.9 billion worth of shares and individuals sold a net 9.2 billion worth of stocks.

The main index declined, having gained 1.95 percent in the previous session, on optimism that Washington and Beijing may reach an understanding of some sort.

Tech and steel stocks led gains.

Samsung Electronics rose 0.51 percent to 39,800 won and No. 2 chipmaker SK Hynix jumped 2.67 percent to 65,300 won.

Leading steelmaker Posco gained 1.17 percent to close at 258,500 won.

Bio shares were winners.

Pharmaceutical giant Celltrion jumped 1.17 percent to close at 216,500 won, and Samsung pharmaceutical unit Samsung BioLogics gained 0.26 percent to 388,000 won.

Refiners were also winners in the session as industry leader SK Innovation rose 0.83 percent to 181,500 won and S-Oil rose 2.22 percent to 96,900 won.

Among decliners, dominant tobacco company KT&G fell 0.49 percent to 101,500 won and Korean Air shed 1.18 percent to 33,600 won.

Mobile carriers and auto-related shares ended mixed.

Telecommunications giant SK Telecom rose 0.56 percent to 271,000 won, while KT declined 1.01 percent to 29,400 won.

While Hyundai Motor remained unchanged to 123,000 won, its sister company Kia Motors fell 1.44 percent to 34,300 won.

Shipbuilders were also mixed as Hyundai Heavy Industries closed the session 0.37 percent lower at 135,000 won.

The secondary Kosdaq rose 3.60 points, or 0.53 percent, to end the session at 683.34. The tech and bio-heavy index was lifted by a 2.52-percent increase in the U.S. Philadelphia Semiconductor Index overnight.

The Korean won traded at 1,118.30 won against the dollar, down 3.80 won from the previous session’s close.

Bond prices ended higher. The yield on three-year bonds fell 1.3 basis points to 1.80 percent, while the return on 10-year bonds fell 2.1 basis points to 1.96 percent.


BY HEYU KIM, YONHAP [kim.heyu@joongang.co.kr]