Seoul: South Korean stocks finished nearly unchanged Wednesday as gains in tourism and retail shares offset losses in semiconductors and pharmaceuticals. The local currency slipped against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 0.14 point, or 0 percent, to close at 3,198.14.
According to Yonhap News Agency, trade volume was a little slim at 319.8 million shares worth 10.7 trillion won (US$7.7 billion), with winners outnumbering losers 644 to 236. Foreigners and institutions sold a net 67.5 billion won and 53.7 billion won worth of local shares, respectively, while retail investors purchased a net 46.9 billion won.
Tourism and retail shares led the daily gain following the government's decision to start a visa waiver program with Chinese group tourists from next month. Hotel Shilla jumped 4.79 percent to 49,250 won, and Shinsegae increased 3.27 percent to 176,900 won. Major cosmetics firm AmorePacific rose 1.26 percent to 128,800 won, and Kolmar Korea gained 2.79 percent to 99,400 won. Energy shares were also among the winners, as Doosan Enerbility mounted 2.31 percent to 66,300 won and the state-run Korea Electric Power Corp. vaulted 7.44 percent to 41,150 won.
However, chip and drug stocks went south as Trump said again he would announce new tariffs on those imports soon. Chip giant Samsung Electronics fell 1.57 percent to 68,800 won, and its rival SK hynix retreated 1.9 percent to 258,500 won. SK Biopharmaceuticals tumbled 8.89 percent to 101,500 won, and Samsung Biologics dropped 1.9 percent to 1,031,000 won.
The local currency was quoted at 1,389.5 won against the greenback at 3:30 p.m., down 1.2 won from the previous session. Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.5 basis point to 2.430 percent, while the return on the benchmark five-year government bonds climbed 0.8 basis point to 2.569 percent.