Seoul stocks snap losing streak as companies report quarterly earnings

The Kospi snapped its three-day losing streak Monday amid expectations of strong quarterly earnings.

A screen at Hana Bank's trading room in central Seoul shows the Kospi closing at 3,020.54 points on Monday, up 14.38 points, or 0.48 percent from the previous trading day. [NEWS1]

The Kospi snapped its three-day losing streak Monday amid expectations of strong quarterly earnings. The won rose sharply against the dollar.

Seoul stocks gained 14.38 points, or 0.48 percent, to close at 3,020.54 points.

Trading volume was moderate at about 782 million shares worth some 10.3 trillion won ($881 billion), with gainers outnumbering losers 552 to 286.

Foreigners bought a net 38 billion won, while retail investors sold 304 billion won. Institutions purchased a net 259 billion won.

Stocks got off to a weak start, largely in the wake of the U.S. Federal Reserve's signal that the present high-price pressure may not subside soon.

The Kospi pared its earlier losses on hopes that third-quarter corporate earnings would be better than expected.

Posco and Hana Financial Group posted consensus-beating earnings.

Samsung Electronics, SK hynix, Shinhan Financial Group, Hyundai Motor, Kia and other companies are scheduled to release their earnings later this week.

"Stocks may take on an upward momentum depending on how well the season turns out," said Kiwoom Securities analyst Han Ji-young.

In Seoul, Samsung Electronics lost 0.28 percent to 70,200 won, while chipmaker SK hynix increased 1.52 percent to 100,000 won, a day ahead of its third-quarter earnings report.

Internet portal operator Naver fell 1.23 percent to 402,500 won, and Kakao dropped 1.18 percent to 126,000 won.

LG Chem climbed 0.37 percent to 821,000 won, and rechargeable battery maker Samsung SDI edged down 0.54 percent to 733,000 won.

Pharmaceutical firm Samsung Biologics decreased 0.34 percent to 877,000 won, and Celltrion fell 1.37 percent to 216,500 won.

Carmaker Hyundai Motor moved up 1.69 percent at 211,000 won, and its sister company Kia rose 1.08 percent to 84,300 won.

The Kosdaq fell 0.76 points, or 0.08 percent, to close at 994.31.

The local currency closed at 1,168.4 won against the dollar, down 8.7 won from the previous session's close.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds gained 3.0 basis points to 1.919 percent, and the yield on the benchmark 10-year government bond lost 6.6 basis points to 1.63 percent.

BY LEE TAE-HEE, YONHAP [lee.taehee2@joongang.co.kr]