Seoul stocks continue winning run

Business | 15 Apr 2019 3:16 pm

Seoul shares ended higher today taking a cue from gains on Wall Street, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 9.43 points, or 0.42 percent, to close at 2,242.88. Trading volume was moderate at 397 million shares worth 6.55 trillion won (US$5.78 billion), with gainers outnumbering losers 472 to 353.

The index closed higher for the 12th consecutive session. It marked the longest streak of positive finishes since 2006.

"With the global stock markets being stabilized, the gains in the U.S. stock market over the weekend had a positive impact on the local bourse as well," said Lee Young-gon, a researcher from Hana Financial Investment.

Foreigners scooped up a net 180 billion won worth of shares, while institutions sold a net 221 billion won. Individuals bought a net 46 billion won.

Shares of Asiana Airlines shot up by the daily permissible limit of 30 percent to 7,280 won as its parent group decided to sell off its flagship Asiana Airlines, the country's No. 2 air carrier, caving in to pressure from its creditors to roll out more concrete and bolder self-rescue measures.

No 1 airline Korean Air also jumped by 6.04 percent to 37,750 won on hopes that its chairman's death could reshape its ownership structure.

Market kingpin Samsung Electronics moved up by 0.43 percent to 47,050 won, and No. 2 chipmaker SK hynix gained 2.05 percent to 79,700 won. LG Display added 0.46 percent to 21,950 won.

Top cosmetics firm AmorePacific was up by 0.56 percent to 16,500 won, and LG Household & Health Care advanced 0.56 percent to 1,440,000 won. S-Oil increased by 4.89 percent to 96,600 won.

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