Seoul, May 27 . .- The Seoul Stock Exchange reaped a mixed closing this Wednesday, before expectations for the economic recovery and the new escalation of tension between the United States and China due to the debate on a controversial security law for Hong Kong.
The main indicator of the South Korean market, the Kospi, barely stayed afloat and advanced 1.42 points, 0.07%, to 2,031.20 whole, thanks to the bargain hunt, amid growing expectations of recovery by the progressive resumption of economic and commercial activities in more and more countries.
The Kosdaq technology index, meanwhile, fell 4.52 points, 0.62%, to 724.59 units.
The South Korean parquet floor opened lower, with investors affected by reports that the United States could freeze the assets of Chinese officials and companies in retaliation for the debate in the country’s national assembly on a new security law for Hong Kong, abuzz with protests.
The market cut losses and the Kospi rose slightly, due to optimistic economic expectations after the slowdown in the spread of coronavirus in major cities, and the hope that Washington and Beijing will maintain their commitment to be faithful to the first part of their elusive trade agreement.
South Korea’s top companies posted mixed closings.
Local market benchmark Samsung Electronics was up 1.32%, while the country’s second-largest chipmaker, SK Hynix, fell 0.61%.
Pharmaceutical company Samsung BioLogics lost 3.26%, while its competitor Celltrion fell 0.7%.
South Korea’s leading automaker, Hyundai Motor, advanced 0.31%, and its subsidiary Kia Motors, 1.43%.
The local currency, the won, lost 0.10 units against the dollar, which was trading at 1,234.40 at the close of trading.