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March 29, 2024

Seoul shares close higher on rising hopes for looming US-NK summit

PUBLISHED : May 10, 2018 - 16:19

UPDATED : May 10, 2018 - 16:19

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[THE INVESTOR] South Korean stocks snapped a five-session losing streak to hit a one-week high on May 10 as investors sentiment was boosted by improving talks on a planned summit between US President Donald Trump and North Korean leader Kim Jong-un. The local currency rebounded to a 17-day high against the US greenback.

The benchmark KOSPI added 20.18 points, or 0.83 percent, to close at 2,464.16, posting the first positive finish since May 3. Trade volume was moderate at 484.1 million shares worth 8.77 trillion won (US$8.17 billion), with gainers largely beating decliners 528 to 298.

Builders, shipyards and steelmakers led the increase across the board. Top shipbuilder Hyundai Heavy Industries edged up 0.8 percent to 125,500 won, and Daewoo Shipbuilding & Marine Engineering increased 3.35 percent to 26,200 won.

GS Engineering & Construction rose 4.38 percent to 42,900 won, and Hyundai Engineering & Construction also gained 1.44 percent to 63,300 won.

Leading steelmaker POSCO went up 2.57 percent to 359,500 won, and No. 1 zinc smelter Korea Zinc ascended 1.4 percent to 435,000 won.

Banks shares also finished strong on eased fears over a hasty rate hike in the US, with Shinhan Financial Group gaining 2.78 percent to 48,000 won and Hana Financial Group climbing 0.66 percent to 45,800 won.

Tech giant Samsung Electronics rose 1.38 percent to 51,600 won, and No. 2 chipmaker SK hynix advanced 2.88 percent to 85,800 won.

The local currency closed at 1,073.10 won against the US dollar, up 7.80 won from the previous session’s close. It marked the highest daily value since April 23, when the won-dollar rate finished at 1,069 won.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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