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Kospi winning streak extends to seventh day

Sept 17,2019
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Stocks finished higher on Monday for the seventh consecutive session, driven by gains in refineries and shipbuilders. The won rose sharply against the dollar.

The benchmark Kospi rose 13.02 points, or 0.64 percent, to close at 2,062.22.

Trade volume was moderate at 480 million shares worth 5.29 trillion won ($4.47 billion), with gainers far outnumbering losers 649 to 191.

The local stock market opened higher after being closed on Thursday and Friday for the Chuseok holiday.

The market further extended gains as refineries and shipbuilders rallied on potential supply disruptions following attacks on Saudi Arabia’s oil facilities over the weekend, which may drive up oil prices.

“Investors’ appetite for risky assets improved as the dialogue mood between the United States and China improved during South Korea’s Chuseok harvest holidays,” said Noh Dong-kil, a researcher at NH Investment & Securities.

Tech shares were bearish. Samsung Electronics fell 0.11 percent to end at 47,100 won, snapping a six-day winning streak. SK Hynix, a major chipmaker, fell 3.75 percent to 79,500 won.

In contrast, refiners traded in positive terrain, with SK Innovation advancing 2.67 percent to end at 173,000 won and S-Oil, the third-largest oil refiner, gaining 2.31 percent to end at 102,000 won.

Auto shares ended lower. Hyundai Motor fell 0.78 percent to 128,000 won. Kia Motors inched down 0.57 percent to 43,850. Auto parts maker Hyundai Mobis dropped 1.21 percent to 244,500 won.

Shipbuilders gained ground, with Hyundai Heavy Industries adding 2.46 percent to reach 125,000 won and Samsung Heavy Industries rising 3.56 percent to 8,430 won.

Telecom shares were mixed. SK Telecom gained 0.42 percent to 239,000 won, and KT remained flat at 27,300 won. Their smaller rival LG U+ closed 1.46 percent lower at 13,500 won.

Naver rose 0.65 percent to 154,500 won. Posco edged up 0.85 percent to 238,000 won. Kakao slipped 0.75 percent to 132,000.

The secondary Kosdaq rose 8.22 points, or 1.30 percent, to close at 638.59.

The local currency closed at 1,183.1 won against the dollar, up 7.9 down from the previous session’s close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year bonds added 9.1 basis points to 1.349 percent, and the yield on 10-year bonds gained 12.5 basis points to 1.89 percent.

BY KIM BYUNG-WOOK, YONHAP [kim.byungwook@joongang.co.kr]