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South Korea: Stocks end higher on optimism around US-China trade deal
[SEOUL] South Korean shares closed higher on Wednesday on rising hopes for an initial US-China trade deal, although gains were capped due to selloff related to the rebalancing of MSCI index.
The United States and China are close to an agreement on the first phase of a trade deal, US President Donald Trump said on Tuesday, after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues.
The Seoul stock market's main KOSPI rose 6.50 points, or 0.31 per cent, to 2,127.85.
The KOSPI has risen 4.25 per cent so far this year, but gained 2.6 per cent in the previous 30 trading sessions.
The trading volume during the session in the KOSPI index was 361.25 million shares and, of the total traded issues of 907, the number of advancing shares was 371.
Foreigners were net sellers for a 15th consecutive session, the longest streak since early Jan 2016, having sold US$120.92 million worth of shares on the main board.