Casinos boost South Korean stock
Shares in South Korea saw an increase on Tuesday thanks to a boost from construction and casinos over potential projects in North Korea.
South Korea.- North Korea is opening up to the world and is set to attend a summit with the US next week, generating hopes for cross-border development projects with South Korea. Said potential businesses had South Korean shares rising thanks to a boost from the construction and casinos segments.
The benchmark Korean Stock Price Index (KOSPI) moved up 0.25 per cent (6 points) and closed at 2,453.76. Trade volume was moderate at 485.33 million shares worth US$6.45 billion, and losers slightly outnumbered gainers 409 to 401.
“The index got a boost from foreign buying as Wall Street gains lifted investor sentiment,” Cho Byung-hyun, an analyst at Yuana Securities, said. “But the gains were limited as concerns remain over the trade dispute between the United States and China.”
Potential casino developments had the segment’s shares jumping 6.52 per cent to US$0.02 in the case of Grand Korea Leisure, as rival Paradise Group rose 5.84 per cent to US$0.018.
