Seoul Stocks Close Flat Amid US-China Summit Uncertainty

Market sentiment was dampened by the absence of a joint statement from the US and China after their highly anticipated summit, leading to a decline in stocks and a surge in foreign investor selling. Despite this, the Korean currency rose against the dollar, and retail investors showed resilience in buying local shares. The market's performance was mixed, with large caps and carmakers posting gains, while tech and energy stocks fell.

Key Takeaways:

• The Korea Composite Stock Price Index (KOSPI) closed at 4,086.89, a gain of 5.74 points or 0.14 percent.
• Trade volume was heavy at 562.3 million shares worth 23.9 trillion won (US$16.7 billion).
• Losers outnumbered gainers 704 to 190.
• Foreign investors sold a net 117.4 billion won worth of local shares, while institutions dumped a net 837.5 billion won.
• Retail investors scooped up a net 937 billion won.
• Samsung Electronics added 3.58 percent to 104,100 won, while SK hynix closed up 1.79 percent to 568,000 won.
• Hyundai Motor added 2.71 percent to 265,000 won, and Kia moved up 0.35 percent to 116,200 won.
• LG Energy Solution fell 5.35 percent to 486,500 won, and Doosan Enerbility declined 6.95 percent to 89,700 won.

Statistics:

• The local currency rose against the greenback, with the Korean won quoted at 1,426.5 won against the U.S. dollar at 3:30 p.m.
• The yield on three-year Treasurys remained flat at 2.732 percent, and the return on the benchmark five-year government bonds rose 5.9 basis points to 2.857 percent.
• Trade volume was heavy at 562.3 million shares, representing a value of 23.9 trillion won (US$16.7 billion).

Sources:

• Yonhap News Agency
• Korea Composite Stock Price Index (KOSPI)
• Daishin Securities (quote from Lee Kyoung-min, an analyst)