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Shares end day flat as Nasdaq balances China

Apr 06,2019
Korean stocks ended slightly higher on Friday on expectations of a U.S.-China trade deal. The won rose against the dollar.

The benchmark Kospi rose 3.08 points, or 0.14 percent, to close at 2,209.61. Trading volume was moderate at 511.71 million shares worth 4.13 trillion won ($3.6 billion), with gainers outnumbering losers 452 to 372.

Foreign investors and institutions bought a combined 161.2 billion won worth of stocks, offsetting individual stock selling worth 154.4 billion won.

“The main Kospi index ended higher as investors increased their stock purchases on expectations that the United States and China are closer to signing a trade deal. A lower-than-expected earnings guidance from Samsung Electronics was already factored in, so there was no sharp decline in the index,” said Huh Jae-hwan, an analyst at Eugene Investment.

Large-cap stocks ended mixed.

Samsung Electronics fell 0.21 percent to 46,850 won after the company reported an operating profit of 6.2 trillion won for the January-March quarter, a 60 percent year-on-year decrease in its first-quarter earnings guidance. SK Hynix rose 0.77 percent to end the week at 79,000 won.

Auto shares ended higher. Hyundai Motor climbed 2.02 percent to 126,000 won, and its auto parts maker Hyundai Mobis rose 2.97 percent to end at 225,000 won.

Sister company Kia Motors rose 0.8 percent to 37,700 won.

Posco gained 1.29 percent to end the week at 275,000 won.

Among other decliners, state-run utility Korea Electric Power fell 3.15 percent to 29,200 won, and Korean Air shed 0.16 percent to 31,900 won.

Samsung BioLogics lost 0.43 percent to 344,000 won.

The Kosdaq gained 0.13 points, or 0.02 percent, to end the Friday session at 751.71.

The index fluctuated throughout the session as foreign investors and institutional investors continuously purchased and sold shares after the Nasdaq index decreased 0.05 percent in overnight trade.

Celltrion Healthcare shed 0.73 percent to 67,900 won, and Kolon TissueGene fell 5.54 percent to 18,750 won. CJ ENM lost 1.78 percent to end the Friday session at 231,700 won.

The local currency traded at 1,136.60 won against the dollar, up 0.30 won from the previous day’s close.

Bond prices, which move inversely to yields, ended lower. The yield on three-year bonds gained 1.5 basis points to 1.735 percent, and the return on 10-year bonds rose 1.6 basis points to 1.893 percent.

BY KO JUN-TAE, YONHAP [ko.juntae@joongang.co.kr]