April 24, 2024

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[THE INVESTOR] Korean stocks closed higher on April 10 after President Xi Jinping said he would further open China’s market and cut import tariffs. The Korean won firmed against the US dollar.

The benchmark KOSPI moved up 6.66 points, or 0.27 percent, to close at 2,450.74. Trade volume was moderate at 352.61 million shares worth 7.39 trillion won (US$6.92 billion), with losers outnumbering gainers 463 to 355.

The index started lower but rebounded in late morning trade after the Chinese leader said in a speech at the Boao Forum that Beijing will lower trade barriers and further open up the world’s No. 2 economy.

Institutions and retail investors bought a net 111.98 billion won and 30.86 billion won worth of local stocks, respectively, while foreigners dumped a net 119.71 billion won.

Cosmetic shares were up on hopes for improved sales in China, Korea’s biggest export market.

Top cosmetics maker Amorepacific rose 1.33 percent to 342,000 won, and LG Household & Health Care gained 3.24 percent to 1,305,000 won.

Tech shares were down ahead of the quarterly earnings season.

Market bellwether Samsung Electronics declined 0.65 percent to 2,444,000 won, SK hynix, a major chipmaker, shed 0.25 percent to 80,400 won.

Bio shares were mixed.

Samsung Biologics rose 3.74 percent to 583,000 won, and Celltrion, a major pharmaceutical firm, edged downed 0.98 percent to 303,000 won.

Samsung Securities slid 4.44 percent to 35,550 won as the nation’s financial watchdog launched a special inspection into the brokerage after it mistakenly paid windfall stocks to its employees as dividends, causing trading chaos.

The local currency was trading at 1,066.40 won against the US dollar, up 0.70 won from the previous session’s close.

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