Good data in China and South Korea raises Seoul by 0.56%
Thanks to good macroeconomic data in China and South Korea, the Seoul Stock Exchange closed today with a gain. The Kospi, its main indicator, increased by 0.56%.
The selective South Korean Kospi gained 17.95 points on Tuesday to stand at 3,221.87 units. Meanwhile, the Kosdaq technology index rose by 0.29%, or 2.81 points, to 984.59 units.
The Kospi started in the red amid persistent concerns about inflation and the possibility that central banks will modify their current monetary policies.
However, other factors have encouraged the market.
Statista Research Department published South Korea trade balance. It recorded a surplus in May by more than 500% year-on-year. The country’s exports grew in that period by 45.6%. On the other hand, China’s purchasing managers’ index showed industrial expansion in May and achieved its best figure of the year.
Kakao gained 3.25%
Thus, with institutional investors as net buyers, most of the Kospi stocks advanced today.
The highest-value token in Seoul, tech Samsung Electronics, closed 0.12% higher. At the same time, SK Hynix, the world’s second-largest memory chip maker, expanded by 1.18%.
Naver, the largest South Korean internet portal operator, advanced by 1.24%. Meanwhile, Kakao, the country’s primary instant messaging application owner, rose by 3.25%.
In the biopharmaceutical sector, Samsung Biologics depreciated by 1.54%, and its competitor, Celltrion, lost 0.73% of its value.
The largest national car manufacturer, Hyundai Motor, gained 0.85%.
Hong Kong stocks climb to three-month high
Hong Kong stocks increased to a three-month high after Chinese manufacturing data showed increases in May.
The Hang Seng Index surged by 1.1% to 29,468 at the close of Tuesday trading. It is the highest figure since March 3. Increases among technology stocks accelerated in late trading.
The Shanghai Composite Index hiked by 0.3%, with stocks in a tight range as the yuan decreased against the US dollar in onshore trading.
