Seoul Stock Market Gains 1% Thanks to Wall Street Bounce

Seoul, May 14 (EFE) .- The Seoul Stock Exchange closed today with a rise of 1% in its main indicator, the Kospi, and ended its negative streak to the rhythm of the rebound on Wall Street the day before.

The selective South Korean Kospi gained 31.21 points to stand at 3,153.32 units, while the Kosdaq technology stock index advanced 1.57%, or 14.95 points, to close at 966.72 units.

The benchmark went green all day after three consecutive sessions, closing negative due to the inflation outlook and the possible change in the economic cycle.

The purchases were today on behalf of institutional and retail participants in the wake of what happened in New York on Thursday, where the three main indicators rebounded and took a break after days with an eye on the possibility that the tap begins to close of monetary stimuli.

The largest capitalization stock on the Seoul Stock Exchange, Samsung Electronics, rose 2.04%, while the world’s second largest semiconductor maker, SK hynix, gained 0.85%.

The biopharmaceutical Samsung Biologics advanced an important 9.47% before the information that continues to indicate that it is in negotiations with Pfizer to manufacture its vaccine against covid-19 in South Korea.

Its competitor Celltrion appreciated 2.08%, while the operator of the largest South Korean internet portal, Naver, climbed 1.48%.

In contrast, the operator of the country’s main instant messaging application, Kakao, lost 0.46%.

The main national vehicle manufacturer, Hyundai Motor, for its part depreciated by 0.22%.

(c) EFE Agency

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