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Stocks on roll for sixth day on stimulus hopes

Sept 12,2019
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Stocks closed higher on Wednesday to extend their gains to a sixth consecutive day as investors remained confident about the anticipated stimulus measures from the European Central Bank this week. The won rose against dollar.

The benchmark Kospi jumped 17.12 points, or 0.84 percent, to close at 2,049.20. Trade volume was moderate at 421 million shares worth 5.91 trillion won ($4.96 billion), with gainers outnumbering losers 643 to 182.

This was the longest winning streak since the 13 days of consecutive gains in April this year.

Along with the expected move by the eurozone’s central bank, the mood of reconciliation between the U.S. and China over trade also buoyed investor sentiment.

The stock market will be closed Thursday and Friday for the Chuseok holidays.

Foreigners offloaded a net 287 billion won, while institutions scooped up a net 617 billion won. Retail investors sold more shares than they bought at 334 billion won.

Samsung Electronics moved up 0.32 percent to 47,150 won, and LG Display rose 3.86 percent to 14,800 won.

LG Electronics, on the other hand, shed 0.62 percent, closing at 64,500 won, and chipmaker SK Hynix surrendered 0.6 percent to reach 82,600 won.

Posco soared 6.07 percent to 236,000 won, and Korea Zinc rose 1.14 percent to 443,500 won. Hyundai Steel advanced 2.96 percent to 40,000 won.

Auto shares ended higher. Hyundai Motor inched up 0.78 percent at 129,000 won. Kia Motors rose 2.08 percent at 44,100.

Pharmaceutical firms ended on a bullish note, with Celltrion rising 2.42 percent to 169,000 won and Samsung BioLogics climbing 3.35 percent to 293,000 won. Hanmi Pharmaceutical increased 2.9 percent to reach 283,500 won.

Telecom shares were mixed. SK Telecom dropped 0.83 percent to 238,000 won, and KT added 0.18 percent to 27,300 won. Their smaller rival LG U+ closed 1.48 percent higher at 13,700 won.

The secondary Kosdaq gained 7.12 points, or 0.84 percent, to close at 630.37.

The local currency closed at 1,191.00 won against dollar, down 2.30 won from the previous session’s close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year bonds added 1.1 basis points to 1.258 percent, and the yield on 10-year bonds gained 8.7 basis points to 1.73 percent.

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