Seoul shares up for 5th straight session on foreign buying

South Korean stocks extended their winning streak to a fifth consecutive session Tuesday on the back of foreign buying, with investors' eyes now on the ongoing trade talks between the United States and China. The local currency lost ground against the US dollar.
The benchmark Korea Composite Stock Price Index added 16.08 points, or 0.56 percent, to close at 2,871.85.
Trade volume was moderate at 503 million shares worth 14 trillion won ($10.3 billion), with losers outnumbering winners 461 to 429.
Foreign investors and institutions net purchased 632.3 billion won and 14.2 billion won worth of local shares, respectively, while retail investors dumped 626.9 billion won.
"The KOSPI once surpassed the 2,880 mark earlier in the day thanks to a fifth consecutive session of foreign purchases, but trimmed earlier gains as retail investors moved to take profit following the recent rally," Lee Kyoung-min, an analyst at Daishin Securities, said.
Overnight, Wall Street was little changed as investors took to the sidelines before the conclusion of the ongoing trade negotiations between the US and China. The Dow Jones Industrial Average and the S&P 500 closed nearly flat, while the tech-heavy Nasdaq composite rose 0.31 percent.
Officials from Washington and Beijing were set to hold the second, and possibly the last, day of their ongoing trade negotiations in London later Tuesday.
In Seoul, defense and shipbuilding shares were the biggest gainers.
Leading defense firm Hanwha Aerospace jumped 6.36 percent to 936,000 won, and its shipbuilding affiliate Hanwha Ocean soared 4.37 percent to 78,900 won.
Other major shipbuilders, HD Hyundai Heavy and HD Korea Shipbuilding, advanced 2.15 percent and 4.35 percent to 427,000 won and 335,500 won, respectively.
Top battery maker LG Energy Solution rose 1.23 percent to 288,500 won, and biotech firm Celltrion added 1.25 percent to 162,200 won.
Market heavyweight Samsung Electronics lost 1 percent to 59,200 won, while its chipmaking rival SK hynix gained 0.66 percent to 230,500 won.
Auto giant Hyundai Motor dropped 0.4 percent to 197,000 won, and its sister Kia went down 0.84 percent to 94,500 won.
The local currency was quoted at 1,364.3 won against the greenback at 3:30 p.m., down 7.9 won from the previous session. (Yonhap)

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