[THE INVESTOR] South Korean stocks rose to hit fresh yearly highs on Aug. 8, as positive US jobs data eased concerns about the pace of an economic slowdown. The Korean won gained against the US dollar.

The benchmark KOSPI rose 13.18 points, or 0.65 percent, to close at 2,031.12. Trade volume was slim at 266 million shares worth 4.09 trillion won (US$3.68 billion), with gainers outnumbering losers 420 to 387.

“As US economic indicators improve, the possibility of a US rate hike in September is likely to weigh on the stock market,” said Cho Byung-hyun, a market analyst at Yuanta Securities.





Sentiment was also cautious as China, South Korea’s No. 1 export destination, reported more declines in its July exports and imports.

Foreign investors were net buyers of stocks worth 79.6 billion won.

Samsung Electronics rose 0.51 percent to end at 1,569,000 won, and AmorePacific gained 4.55 percent to 379,500 won.

Top carmaker Hyundai Motor was flat at 133,000 won and its smaller affiliate Kia Motors was also unchanged at 40,900 won.

POSCO, the No. 1 steelmaker, fell 3.39 percent to close at 214,000 won after the US Commerce Department decided to levy anti-dumping duties on hot-rolled flat steel from the South Korean steelmaker on Aug. 4.

The local currency was closed at 1,108.3 won against the US dollar, up 2.1 won from the previous session’s close.


(theinvestor@heraldcorp.com)