July 24, 2021

Seoul rises thanks to optimism against a possible pact between China and the US

The Seoul Stock Exchange rose on Monday thanks to the persistent optimism regarding the possibility that Beijing and Washington will soon reach a first agreement to resolve their commercial conflict, according to local analysts.

The selective Kospi rose today 21.54 points, 1.02%, to 2,123.5 integers, while the Kosdaq technology index ended with an advance of 2.13% or 13.48 points, up to 647.4 units.

The good feelings with which Seoul closed on Friday were reinforced over the weekend with new positive reports.

To the information that insist that the two main trading partners of South Korea could delay the entry into force of new tariffs scheduled for next December 15, the words of US President Donald Trump were added.

Trump said a provisional pact is "potentially very close."

Thus, the selective started today clearly in positive and thus remained for the rest of the day supported especially by the purchases of institutional investors.

Thus, Samsung Electronics, the main South Korean stock market firm, rose 0.39%, while the world's second largest chip maker and value-for-capitalization volume of the Kospi, SK Hynix, closed today.

The operator of the main South Korean website, Naver, in turn gained 3.88%.

For its part, the largest national car manufacturer, Hyundai Motor, appreciated 1.21%, while its subsidiary Kia Motors climbed 1.13%.

. (tagsToTranslate) Seoul (t) thank you (t) optimism (t) China (t) USA

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