Seoul stocks up for 3rd day on firmer hopes for U.S. rate cut
Friday, July 12, 2019       14:57 WIB

SEOUL, July 12 (Yonhap) -- South Korean stocks extended gains to a third day on Friday, supported by firmer hopes for a rate cut by U.S. Federal Reserve later this month. The Korean won fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.08 points, or 0.29 percent, to close at 2,086.66. Trade volume was moderate at 398 million shares worth 3.71 trillion won (US$3.14 billion), with gainers outnumbering losers 460 to 347.
The local stock market opened lower on profit-taking, but pared back earlier losses on the back of foreign buying.
Although the KOSPI index gained, caution lingered as the market awaited Chinese economic data later in the day, analysts said.
"The local stock market is on a wait-and-see mode as positive expectations on the Fed's rate cut are considered having been priced in," said Lee Young-gon, an analyst from Hana Financial Investment.
Top cap Samsung Electronics rose 0.22 percent to end at 46,300 won, while SK hynix, a global chipmaker, fell 1.06 percent to 74,700 won.
Naver, the operator of the country's top Internet portal, was flat at 117,000 won.
Automakers traded in positive terrain, with industry leader Hyundai Motor up 0.36 percent to 139,500 won, and its smaller affiliate Kia Motors adding 0.35 percent at 43,000 won.
The local currency closed at 1,179.20 won against the U.S. dollar, down 5.7 won from the previous session's close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.5 basis point to 1.424 percent and the return on the benchmark five-year government bond added 1.5 basis points to 1.475 percent.

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