September 25, 2020

Good economic indicators in the US raise the Seoul Stock Exchange to 1.36%



The Seoul Stock Exchange rose 1.36% on Thursday, buoyed by a series of positive US economic indicators, according to local analysts.

The main indicator of the South Korean market, the Kospi, gained 28.67 points, that 1.36%, up to 2,135.37 integers, while the Kosdaq technological index advanced 14.97 points, 2.06%, up to 742.55 units.

The South Korean market, with institutional investors leading purchases, today welcomed the publication of several indicators that show the positive effect of misconduct on the economy.

2.37 million payrolls were created in the US private sector in June, according to a report from administrative firm ADP and the Moody’s agency, which also revised upward the May data.

In turn, the Provision Management Institute (ISM) reported in June an increase in productive activity in the world’s leading economy to April 2019 levels, after April data reflected the lowest level since 2009.

The benchmark asset in Seoul, Samsung Electronics closed 0.57% higher, while the world’s second largest chipmaker, SK Hynix, fell 1.06%.

By contrast, South Korea’s leading automaker, Hyundai Motor, advanced 0.81%, while its subsidiary Kia Motors closed in charts and its component subsidiary appreciated 0.26%.

In the pharmaceutical sector, SK Biopharmaceuticals, the biopharmaceutical company of the conglomerate SK, shot up 29.59%, its maximum daily allowance, on its first day of listing, making it the most successful initial public offering of the year in Seoul.

In turn, Samsung BioLogics rose 4.52% and the giant Celltrion climbed 3.7%.

The local currency, the won, gained 3.4 units against the dollar, which was trading at 1,200 won at the close of business.

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