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Kospi’s four-day winning streak gets snapped

June 13,2019
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Korean stocks closed lower Wednesday, ending a four-day winning streak, amid continuing uncertainties over the U.S.-China trade war. The won depreciated against the dollar.

After a choppy session, the benchmark Kospi shed 3.06 points, or 0.14 percent, to close at 2,108.75. Trade volume was moderate at 686 million shares worth 4.6 trillion won ($3.9 billion).

The local stock market opened slightly higher but soon pared early gains as investors remained cautious after U.S. President Donald Trump said he would impose more tariffs on Chinese imports if there is no progress in talks with Chinese President Xi Jinping.

“Lingering uncertainties surrounding the U.S.-China trade friction weighed on the local stock market,” said Seo Sang-young, an analyst at Kiwoom Securities.

Individuals sold a net 96.3 billion won worth of shares and foreign investors sold a net 0.7 billion won worth of shares. Institutions bought a net 100 billion won of stocks.

Most large-cap shares ended mixed.

Tech shares closed lower, with top cap Samsung Electronics moving down 0.56 percent to 44,600 won to snap its four-day winning streak. Its smaller rival LG Electronics was down 0.73 percent to 82,000 won, and SK Hynix, a global chipmaker, lost 2.23 percent to 65,700 won.

Automakers ended mixed. Industry leader Hyundai Motor dropped 1.74 percent to 141,000 won, while its smaller affiliate Kia Motors remained unchanged at 42,800 won.

In contrast, bio shares closed higher, with Samsung BioLogics, a biopharmaceutical affiliate of Samsung Group, adding 0.33 percent to end at 308,000 won.

Chemical companies were weak, with top player LG Chem falling 1.17 percent to 337,000 won. Lotte Chemical slid 0.39 percent to 258,000 won.

Shares of mobile carriers were mixed, with SK Telecom rising 1.38 percent to 257,000 won and rival KT increasing 0.36 percent to 28,100 won. Shares of smaller mobile carrier LG U+ remained unchanged at 14,600 won.

The Kosdaq fell 4.47 points, or 0.61 percent, to end the session at 724.32. The tech-heavy index was dragged down by institutional and foreign selling of shares and a fall in Nasdaq Biotechnology Index overnight.

The won closed at 1,182.6 won against the dollar, up 2.2 won from the previous session’s close.

Bond prices ended higher. The yield on three-year bonds fell 7.3 basis points to 1.47 percent. The yield on 10-year bonds fell 8.0 basis points to 1.60 percent.

BY KIM HE-YU, YONHAP [kim.heyu@joongang.co.kr]