June 5, 2020

Seoul rises for the seventh day boosted by refineries and shipyards

The Seoul Stock Exchange rose today for the seventh consecutive day encouraged by refineries and shipyards, local analysts said.

The Kospi ended today with an advance of 13.62 points, 0.64%, to 2,062.22 units, while the Kosdaq technology index gained 1.3% or 8.22 points, up to 638.59 integers.

Seoul was favored today by the rise of the large South Korean shipyards and refineries, benefiting from the rise in crude oil following the attack on Saudi Arabia that threatens to affect global supply.

The fact that the climate of dialogue between China and the US also improved at the end of last week, at which time the South Korean market was closed for holidays, also boosted optimism.

Still, the big techs suffered today. The main South Korean stock market firm, Samsung Electronics, fell 0.11%, and the world's second microchip manufacturer SK Hynix declined 3.75%.

Instead, the refineries moved in positive territory, with the largest in the country, SK Innovation, advancing 2.67%, while its rival S-Oil gained 2.31%.

Among the shipowners, Hyundai Heavy Industries, the largest in South Korea, appreciated 2.46%, while its competitor Samsung Heavy Industries increased its price by 3.56%.

. (tagsToTranslate) Seoul (t) seventh (t) aupado (t) refineries (t) shipyards

Source link