The Business Times

Seoul: Stocks set to hit four-day winning streak; won up

Published Tue, Nov 24, 2015 · 03:23 AM
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[SEOUL] South Korean shares and currency rose modestly on Tuesday morning in a technical bounce as investors eyed US third-quarter gross domestic product data to be released later in the day that has the potential to move markets.

The Korea Composite Stock Price Index (KOSPI) was up 0.4 per cent at 2,011.65 as of 0228 GMT, poised to hit a four-day winning streak.

The South Korean won was quoted at 1,155.0 against the dollar, up 0.3 percent from Monday's onshore close at 1,158.5.

"Today's gain on low trading doesn't seem like a meaningful rise," said Kim Hyung-ryeol, a stock analyst at Kyobo Securities, noting that recent three-day winning streak could not be an onset of bucking trend.

The markets lack momentum right now and the rise is a technical bounce, Kim said.

Investors widely expect the US Federal Reserve to raise interest rates next month, strengthening the dollar, while the European central bank is expected to further ease its currency at its December 3 meeting.

Construction and insurance stocks led advancers. Hyundai Engineering & Construction Co Ltd and Daewoo Engineering & Construction gained 3.8 per cent and 1.4 per cent, respectively. Samsung Life Co Ltd climbed 1 per cent to 106,000.

Meanwhile Hanmi Pharm Co Ltd and Hanmi Science Co Ltd fell 1.9 per cent and 2.8 per cent, respectively despite a licence agreement with China's ZAI Lab.

SK Holdings Co Ltd rose 3.4 per cent to 259,000, after the firm agreed to buy a 49.1 percent stake in OCI Materials Co Ltd for 481.6 billion won (S$590 million).

Foreign investors sold a net 36.4 billion won worth of Kospi shares near mid-session, weighing on the index.

December futures on three-year treasury bonds gained 0.03 points at 109.28.


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