Stocks keep recovering despite triple witching
Koeran stock markets closed up yesterday as investors released cash assets, buying financial and steel shares, clearing worries surrounding the expiration of futures and options on triple witching day.The Kospi rose 12.94 points, or 0.9 percent, to 1,423.89.
“Despite worries over fluctuations due to triple witching, the market was given a boost from rallies in other Asian markets,” said Kim Young-gak, an analyst at Hyundai Securities.
“Though it may be too early to say, investor sentiment hurt by last week’s stock crash in China seems to be gradually improving,” he added.
Yesterday was a “triple witching day,” when stock index futures, stock index options and individual stock options all expire on the same day. It usually provokes program selling resulting in price swings.
Tech bellwether Samsung Electronics rose 0.7 percent to 574,000 won ($605). Hynix Semiconductor, the world’s No. 2 chipmaker, added 1.3 percent.
Telecommunications shares weighed down the market. KT, the No. 1 fixed-line communications firm, shed 1.3 percent, and top mobile service provider SK Telecom wavered back and forth on news that its costs would rise due to high competition in the communications market.
Financial shares enjoyed rises. Samsung Securities, one of the leading brokerages, jumped 3.5 percent, and Woori Investment and Securities climbed 2.2 percent.
Steel shares followed the trend with Posco, Korea’s largest steelmaker, adding 2.5 percent in a third consecutive day of rises.
Volume was high at 280.2 million shares worth 3.3 trillion won, with gainers leading losers 530 to 233.
The tech-heavy Kosdaq rose 5.50 points, or 0.9 percent, ending the session at 611.69. More than 646 million shares worth 2 trillion won exchanged hands. Winners beat losers 499 to 372.
By Hwang Young-jin Staff Writer [yhwang@joongang.co.kr]
with the Korea JoongAng Daily
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