For the second successive day Tuesday, South Korean shares closed higher on the back of bio and chemical stock gains. The winning Korean dropped on the U.S. dollar. The index began to be weak, but as pharmaceutical and chemical stocks rallied higher.
Institutions were net buyers, scooping up stocks worth 295 billion won. Foreigners purchased net stocks worth 142 billion won, while individual investors sold net stocks worth 158 billion won on the Seoul stock exchange.
Top pharmaceutical company Celltrion rose 5.79 percent to 173,500 won on news that it inked a contract manufacturing organization (CMO) agreement for a migraine drug with TEVA Pharmaceuticals International. Samsung BioLogics jumped 5.04 percent to 323,000 after a patent lawsuit against Switzerland’s pharmaceutical giant Lonza was announced.
LG Chem, the leading chemical firm, progressed 1.67% to 304,500, while Lotte Chemical earned 1.27% to 239,000. SK, the energy and telecommunications holding company SK, pulled up 9.8 percent to 224,000 won news that it intends to spend some 718 billion won on purchasing back its stocks.
Tech and car shares were on adverse ground. Samsung Electronics ‘ market kingpin shed 0.41 percent to 48,850 wins and No. 2 chipmaker SK Hynix lost 0.24 percent to 82,000 wins.
South Korea’s No. 1 carmaker Hyundai Motor slipped 1.12 percent to 132,500 victories, while its sister business Kia Motors slipped 1.21 percent to 45,050 victories. Auto parts manufacturer Hyundai Mobis dropped to 247,500 by 1.79 percent.
The local currency closed at 1,199.00 against the U.S. dollar, down 2.8 from the closing of the past session.
Prices of bonds, which invert to returns, shut down. The three-year Treasurys yield grew 2.6 basis points to 1.323 percent, as well as the five-year government bond benchmark yield added 2.9 basis points to 1.381 percent.