Seoul shares end higher as investors assess Trump shooting

Seoul shares closed slightly higher Monday as investors digested the aftermath of the assassination attempt of former U.S. President Donald Trump over the weekend. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index rose 3.92 points, or 0.14 percent, to 2,860.92. Trade volume was moderate at 418 million shares worth 12 trillion won (US$8.67 billion), with gainers outnumbering losers 491 to 381. Foreigners sold a net 80.7 billion won, while individuals offloaded a net 28.9 billion won. Institutions purchased a net 121.7 billion won. Trump was injured when a gunshot struck his ear during a campaign rally in Pennsylvania on Saturday (U.S. time). The incident led more investors to bet on his victory in the upcoming presidential election, which is likely to lead to protectionism and a stronger U.S. dollar. "As Trump seeks an exit from the North Atlantic Treaty Organization, European countries may expand their defense budgets to establish their own defense systems ," said Ha In-hwan, an analyst at KB Securities Co. "On the back of the reshoring of the manufacturing sector into the U.S., the strong U.S. dollar may also continue," he added. In Seoul, defense shares closed sharply higher on the increased possibility of Trump's victory, with Hyundai Rotem rising 7.51 percent to 42,950 won and LIG Nex1 climbing 13.35 percent to 233,500 won. Hanwha Aerospace also jumped 4.54 percent to 265,000 won. Tech shares finished mixed, with top cap Samsung Electronics rising 2.73 percent to 86,700 won while major chipmaker SK hynix lost 1.29 percent to 230,000 won. Financial firms closed lower, with KB Financial losing 1.49 percent to 85,700 won and Shinhan Financial decreasing 1.15 percent to 51,800 won. Carmakers finished bearish as well, with Hyundai Motors plunging 1.1 percent to 268,500 won and Kia moving down 1.07 percent to 120,000 won. The local currency had been trading at 1,382.8 won against the greenback as of 3:30 p.m., down 3.2 won from the previous session. Sour ce: Yonhap News Agency