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Kospi winning streak extends to a 12th session

Sept 24,2019
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Stocks edged up Monday, extending their winning streak to a 12th consecutive day, with investors cautiously pinning hopes on the upcoming U.S.-China trade talks next month. The Korean won fell against dollar.

The benchmark Kospi rose 0.18 points, or 0.01 percent, to close at 2,091.70. Trade volume was moderate at 409 million shares worth 3.9 trillion won ($3.3 billion), with decliners outnumbering gainers 433 to 374.

Investors are now shifting their focus to next month’s planned high-level negotiations between the United States and China, though last week’s working-level meeting didn’t deliver any positive news, analysts said.

“The United States and Chinese trade officials appear to have found a gap running deep between them in the working-level meeting. But as the high-level talks are scheduled to resume next month, investors are likely to take a wait-and-see attitude in coming weeks,” Kiwoom Securities’ Suh Sang-young said.

U.S. President Donald Trump said on Sept. 20 he wants a complete deal, not a partial one, and doesn’t feel the need to secure a trade agreement with Beijing before next year’s election.

His comments made a Chinese delegation abruptly cancel their planned trip to farms in the United States to discuss agricultural issues.

Institutions bought a net 86 billion won worth of stocks, but foreigners and individuals sold stocks valued at a combined 93 billion won.

Auto shares stocks led the market with gains, with Hyundai Motor climbing 2.7 percent to 133,000 won, Kia Motors jumping 5.5 percent to 46,400 won and the country’s biggest auto parts maker Hyundai Mobis climbed 1.21 percent to 251,500 won.

Technology shares closed in positive terrain, with Samsung Electronics rising 0.2 percent to 49,300 won and chipmaker SK Hynix climbing 0.73 percent to 82,800 won.

Refiners traded higher. SK Innovation moved up 0.59 percent to end at 169,500 won and S-Oil inched up 0.49 percent to end at 102,500 won.

Among decliners, LG Chem fell 1.7 percent to 323,500 won, Posco declined 1.3 percent to 231,000 won and Korean Air Lines shed 0.8 percent to 23,550 won.

The local currency closed at 1,194.00 won against dollar, up 6.00 won from the previous session.

The secondary Kosdaq slipped 4.06 points, or 0.63 percent, to close at 645.01.

Bond prices, which move inversely to yields, closed lower. The yield on three-year bonds lost 0.3 basis points to 1.330 percent, and the yield on 10-year bonds dropped 6.1 basis points to 1.72 percent.

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