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Seoul stocks hit 15-month high on U.S. data

All News 16:08 January 20, 2020

SEOUL, Jan. 20 (Yonhap) -- South Korean stocks rose for the third consecutive session Monday to hit a 15-month high on positive U.S. data and a rally by tech stocks. The South Korean won gained ground against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.07 points, or 0.54 percent, to close at 2,262.64, the highest level since Oct. 5, 2018.

Foreign investors purchased a net 53.7 billion won (US$46.3 million) worth of stocks, giving a boost to the main index. Meanwhile, institutions offloaded a net 18 billion won.

Noh Dong-kil, an analyst at NH Investment & Securities Co., said positive U.S. housing data boosted investor sentiment, which in turn led to foreign buying in the South Korean markets.

U.S. housing starts rose to a 13-year high in December.

Seo Sang-young, an analyst at Kiwoom Securities Co., said the Chinese policy of supporting fifth-generation network services gave a boost to Korean tech shares.

In Seoul, large-cap stocks were mixed.

Top cap Samsung Electronics was up 1.79 percent to end at a fresh high of 62,400 won on expectations that higher chip prices will lead to an improvement in its earnings. South Korea's No. 2 chipmaker, SK hynix, rose 0.91 percent to 99,900 won.

Among decliners, top carmaker Hyundai Motor Co. was down 0.42 percent at 118,000 won, and Celltrion, a major biotech firm, shed 1.43 percent to hit 172,500 won.

The local currency closed at 1,158.10 to the U.S. greenback, up 1.30 won from the previous session's close.

entropy@yna.co.kr
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