Published : Sept. 27, 2016 - 16:28
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THE INVESTOR] South Korean stocks ended higher on Sept. 27, as investors displayed relief with the result of the first US presidential debate.
The Korean won jumped against the US dollar.
The benchmark KOSPI rose 15.71 points, or 0.77 percent, to close at 2,062.82. Trade volume was moderate at 656 million shares worth 4.6 trillion won (US$4.14 billion), with gainers outnumbering losers 480 to 321.
The local stock market opened lower on profit-taking, but pared earlier losses, as investors cautiously watched the Hillary Clinton-Donald Trump debate in a tight race that has increased uncertainty in global markets.
A confident Clinton ended the 90-minute debate victoriously, according to US media reports.
Donald Trump Facebook capture
During the debate, Clinton reassured allies that the US will stand by them, while Trump called for allies to pay up.
Ok Hye-in, a researcher at Samsung Securities, said, “If Trump is elected, geopolitical risks will rise.”
Samsung Electronics rose 0.06 percent to end at 1,569,000 won, and SK hynix, a global chipmaker, jumped 4.18 percent to 41,150 won.
Naver, the operator of the country’s top internet portal, gained 0.91 percent at 884,000 won.
Hyundai Motor rose 0.71 percent to 141,500 won, and its smaller affiliate Kia Motors gained 1.03 percent at 44,200 won.
The local currency closed at 1,096.50 won against the US dollar, up 11.4 won from the previous session’s close.
Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasury fell 0.3 basis point to 1.305 percent, while the return on the benchmark five-year government bond rose 0.1 basis point to 1.341 percent.
(theinvestor@heraldcorp.com)