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South Korean stocks surge, Won rises against U.S. Dollar


Big News Network.com
18 Sep 2017

SEOUL, South Korea - On Monday, South Korean stocks rallied more than 1 percent, finishing at their highest level in more than six weeks.

As the Korean won rose against the U.S. dollar, South Korea’s top market cap, Samsung Electronics surged, being boosted by an upbeat earnings forecast.

The benchmark Korea Composite Stock Price Index gained 32.14 points, or 1.35 percent, to close at 2,418.21.

At one point, it soared to as high as 2,418.24. 

Trade volume was moderate at 231.8 million shares worth 5.1 trillion won ($4.52 billion), with losers outnumbering gainers 439 to 358.

Reports noted that the local stock market opened higher as the U.S. stock market closed at a fresh record high last week.

The S&P 500 is inching up to surpass the 2,500-point mark for the first time.

Seo Sang-young, a researcher at Kiwoom Securities Co said, “The rally was led by tech shares, especially Samsung, amid a rosy outlook over the rising prices of semiconductors. With the U.S. stocks setting new records, there is a possibility of local shares going further up." 

Foreign investors scooped up a net 213 billion won in local stocks. 

Meanwhile, individuals and institutions sold a net 153 billion won and 81 billion won.

There was mixed trading for most market heavyweights.

Samsung Electronics finished at a fresh record high of 2,624,000 won, up 4.13 percent.

Meanwhile, major chipmaker SK hynix jumped 3.24 percent to end at a fresh all-time high of 79,700 won.

Shinhan Financial moved up 1.38 to end at 51,600 won.

Samsung Life Insurance rose 0.85 percent to close at 118,000 won.

South Korea's top chemicals firm, LG Chem surrendered 1.5 percent to close at 395,000 won. 

The country's top cosmetics firm, AmorePacific meanwhile gained 0.4 percent to end at 251,000 won.

Hyundai Motor climbed 0.37 percent to end at 137,000 won.

However, its smaller affiliate Kia Motors shed 1.13 percent to 30,550 won.

Local currency closed at 1,126.60 won against the U.S. dollar, rising 5.10 won from the previous session's close. 

Bond prices, which move inversely to yields, ended lower.

In Australia meanwhile, the S&P/ASX 200 ended 0.5 percent higher, supported by strong gains in bank shares.

Chris Weston, chief market strategist at IG Group said, “The trend to rotate out of materials and into financials exposures seems likely to continue today.”

Hong Kong’s Hang Seng Index rose 1.3 percent, while Singapore’s Straits Times Index added 0.8 percent.

Markets in Japan were closed Monday for a public holiday.

China’s benchmark indexes advanced, with the Shanghai Composite Index’s SHCOMP 0.3 percent gain lifted by gains in alcohol and brokerage shares.

In New Zealand, the NZX 50 Index lost 0.1 percent, with shares of New Zealand Refining NZR and Air New Zealand leading declines.

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