Seoul stocks close nearly flat, tech-laden KOSDAQ hits another record high

Business

SEOUL, South Korean stocks closed nearly unchanged Friday as concerns of spreading new coronavirus cases offset positive economic data from the United States and at home. The Korean won fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) slipped 0.28 points, or 0.01 percent, to close at 3,281.78 points.
Trading volume was moderate at about 1 billion shares worth some 15.2 trillion won (US$13.4 billion), with losers outnumbering gainers 442 to 378.
Foreigners sold a net 130 billion won, while retail investors bought 357 billion won. Institutions offloaded a net 228 billion won.
Stocks opened slightly higher, tracking overnight Wall Street gains that stemmed from improving manufacturing and unemployment data.
Stocks pared half of their gains in the late morning session, however, as concerns over a potential surge in variant cases weakened investor appetite for risk.
South Korea added 826 new COVID-19 cases Friday, the highest daily tally in nearly six months.
Prime Minister Kim Boo-kyum warned that the government may tighten its social distancing guidelines if necessary, citing the surge in new cases.
“The rise in local COVID-19 cases seems to have negatively affected the stock prices since it may extend the social distancing measures and curb corporate earnings,” Eugene Investment & Securities analyst Huh Jae-hwan said.
In Seoul, market bellwether Samsung Electronics edged down 0.12 percent to 80,000 won, and No. 2 chipmaker SK hynix retreated 1.61 percent to 122,500 won.
Internet portal operator Naver added 0.24 percent to 414,000 won, and giant pharmaceutical firm Samsung Biologics closed unchanged at 855,000 won.
Top automaker Hyundai Motor decreased 1.24 percent to 239,000 won, but leading chemical firm LG Chem increased 0.47 percent to 849,000 won.
The local currency closed at 1,135 won against the U.S. dollar, down 1.9 won from the previous session’s close.
The secondary Kosdaq index advanced 0.25 percent, or 2.54 points, to close at another 52-week high of 1,038.18 points, thanks to its high portion of bio and pharmaceutical stocks.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys added 1.5 basis points to 1.484 percent, and the return on the benchmark five-year government bond rose 2.5 basis points to 1.781 percent.

Source: Yonhap News Agency

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