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(LEAD) Seoul stocks up for 6th day ahead of holiday

16:34 September 11, 2019

(ATTN: ADDS bond yields at bottom)

SEOUL, Sept. 11 (Yonhap) -- Seoul shares 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 Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (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 (US$4.96 billion), with gainers outnumbering losers 643 to 182.

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

Along with the expected move by the eurozone's central bank, the reconciliation mood between the United States and China over trade also buoyed investor sentiment.

"Reports that China plans to purchase more agricultural products from the United States also supported the market," said Choi Yoo-joon, a researcher from Shinhan Investment.

The South Korean stock market will be closed Thursday and Friday for the Chuseok holiday, the Korean autumn harvest celebration.

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.

Top market cap 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 No. 2 chipmaker SK hynix surrendered 0.6 percent to reach 82,600 won.

Top steelmaker 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.

Pharmaceutical firms ended on a bullish note, with No. 1 company 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.

The local currency closed at 1,191.00 won against the U.S. dollar, up 2.30 won from the previous session's close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys gained 1.6 basis points to 1.258 percent, and the return on the benchmark five-year government bond rose 2.2 basis points to 1.315 percent.

(LEAD) Seoul stocks up for 6th day ahead of holiday - 1


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