Apparent slowdown in coronavirus drives shopping in Seoul

The Seoul Stock Exchange rose nearly 2% today as data from some of the countries most affected by the coronavirus point to a possible slowdown in infection.

The main South Korean indicator, the Kospi, gained 33.49 points today, 1.87%, up to 1,825.37 integers, while the Kosdaq technology index advanced 1.55% or 9.26 points, up to 606.47 units .

Encouraged by the advance on Wall Street on Monday, investors in the South Korean square also looked hopefully at data today that points to a possible slowdown in the spread of the coronavirus in the United States and some European countries.

Institutional and retail participants led purchases, while foreign investors continued to ditch local stocks for the 24th straight session.

Seoul benchmark Samsung Electronics gained 1.85% after reporting that it expects a slight year-on-year increase in its first-quarter operating profit thanks to rising demand for semiconductors.

For its part, the world’s second largest chip maker, SK Hynix, climbed 3.25%.

South Korea’s largest automaker, Hyundai Motor, appreciated 1.8% as its subsidiary Kia Motors appreciated 5.41% and its component subsidiary Hyundai Mobis increased its value by 1.77%.

For its part, the local currency, the won, gained 8.1 units to the dollar, which at the close was changed to 1,221.2 won.


Source link