South Korean shares rose on Thursday as petrochemical firms gained, and nuclear energy and shipbuilding stocks jumped on hopes of industrial cooperation with the U.S. ahead of an upcoming summit.
The benchmark KOSPI .KS11 added 11.65 points, or 0.37 percent, to close at 3,141.74.
“It is likely topics related to shipbuilding, defence and nuclear energy will arise at the summit,” said Lee Kyoung-min, an analyst at Daishin Securities.
Shipbuilder Hanwha Ocean 042660.KS rose 5.89 percent after the presidential office said President Lee Jae Myung would visit Hanwha’s shipyard in Philadelphia following his meeting with U.S. President Donald Trump on Monday.
Peer HD Hyundai Heavy Industries 329180.KS gained 4.77 percent, while Samsung Heavy Industries 010140.KS added 1.37 percent.
Nuclear energy-related stocks rallied. Doosan Enerbility 034020.KS jumped 7.14 percent, while KEPCO Engineering & Construction 052690.KS soared 15.29 percent.
LG Chem 051910.KS advanced 3.35 percent and Lotte Chemical 011170.KS gained 7.07% after the government said financial institutions have agreed to lend support to petrochemical firms that have sincere plans for business restructuring.
Among other index heavyweights, chipmaker Samsung Electronics 005930.KS rose 0.14 percent, but peer SK Hynix 000660.KS lost 4.11 percent. Battery maker LG Energy Solution 373220.KS slid 1.32 percent.
Hyundai Motor 005380.KS and sister automaker Kia Corp 000270.KS were up 0.45 percent and down 1.14 percent, respectively. Steelmaker POSCO Holdings 005490.KS added 1.17 percent, while drugmaker Samsung BioLogics 207940.KS fell 0.20 percent.
Of the total 935 traded issues, 517 advanced and 361 declined.
Foreigners were net sellers of shares worth 83.7 billion won ($59.8 million).
The won was quoted at 1,399.0 per dollar on the onshore settlement platform KRW=KFTC, 0.13 percent lower than Thursday’s close of 1,397.2.
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The most liquid three-year Korean treasury bond yield KR3YT=RR fell 0.7 basis point to 2.430 percent, while the benchmark 10-year yield KR10YT=RR dropped 1 basis point to 2.844 percent.