The Korea Herald


Seoul stocks rebound on vaccine hopes

By Yonhap

Published : June 30, 2021 - 16:15

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(Yonhap) (Yonhap)
South Korean stocks rebounded Wednesday after a two-day retreat, following a US drugmaker's announcement that its vaccine turned out to be effective against COVID-19 variants. The Korean won rose against the US dollar.

The benchmark Korea Composite Stock Price Index (Kospi) added 10 points, or 0.3 percent, to close at 3,296.68 points.

Trading volume was moderate at about 1.6 billion shares worth some 15.3 trillion won ($13.6 billion), with gainers outnumbering losers 436 to 380.

Foreigners sold a net 12 billion won, while retail investors bought 31 billion won. Institutions offloaded a net 52 billion won.

The Kospi got off to a bullish start, after Moderna's announcement that its COVID-19 vaccine produced protective antibodies against the highly contagious delta variant.

Overnight, the tech-heavy Nasdaq Composite added 0.19 percent, and the Dow Jones Industrial Average and the S&P 500 both climbed 0.03 percent.

Starting Thursday, South Korea is set to ease distancing measures by increasing the ceiling on private gatherings to up to six people, with cinemas, amusement parks and hypermarkets allowed to return to their normal business hours.

"Despite the concerns about the spreading (COVID-19) variant and chances of further travel curbs, the optimism for the vaccine's efficacy limited the negative impact on the local markets," Daeshin Securities analyst Lee Kyung-min said.

In Seoul, market bellwether Samsung Electronics lost 0.37 percent to 80,700 won, but No. 2 chipmaker SK hynix gained 2 percent to 127,500 won.

Internet portal operator Naver added 1.46 percent to 417,500 won, while giant pharmaceutical firm Samsung Biologics declined 0.59 percent to 841,000 won.

Top automaker Hyundai Motor closed unchanged at 239,500 won, and leading chemical firm LG Chem increased 1.31 percent to 850,000 won.

The local currency closed at 1,130.15 won against the US dollar, down 1.65 won from the previous session's close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys lost 1.1 basis points to 1.448 percent, and the return on the benchmark five-year government bond fell 2.6 basis points to 1.739 percent. (Yonhap)