US optimism in negotiations with China brings Seoul closer
The Seoul Stock Exchange rose today buoyed by good prospects for resolving the trade dispute between China and the US, according to local analysts.
The Kospi indicator of the South Korean market closed today with a rise of 39.44 points, or 1.95%, to stand at 2,064.71 points.
The Kospi technology index advanced 11.25 points, 1.68%, to 679.74 points.
After the fall yesterday, institutional and foreign investors hunted for bargains apparently motivated by the optimistic expectations that the Trump Administration has been transmitting to a possible agreement with China that has begun to be negotiated since Monday in Beijing to close his commercial war.
Those favorable perspectives for the resolution of the conflict favor the reference value in Seoul, Samsung Electronics, which appreciated today by 3.94% and more than boosted the Kospi, which touched a rise of 2%.
The chip maker SK Hynix, valued with the second largest capitalization volume in Seoul and also highly exposed to friction between Beijing and Washington, gained an important 7.43%.
South Korea's largest car maker Hyundai Motor rose 2.93% and the country's largest steelmaker, POSCO, revalued 4.07%.
The local currency, the won, gained 2 units against the US dollar, which was exchanged at 1122.1 won at the close.
