Kospi rising on won’s surge against dollar
A dealer examines the closing price of the won at the Korea Exchange Bank in central Seoul, yesterday. The local currency closed at 1,511.5 won, up 37.5 won. [YONHAP]
The benchmark Kospi advanced 20.47 points to 1,092.2. Volume was heavy at 604.4 million shares worth 4.76 trillion won ($3.15 billion), with gainers outpacing losers 529 to 283. After starting weaker, the local bourse turned higher and extended earlier gains on the back of the stronger won and buying by overseas investors, analysts said. Foreigners became net buyers of local stocks for the first time in three sessions, snapping up a net 174.7 billion won worth of local stocks on the main bourse.
Financial shares jumped following gains on the U.S. markets and in the local currency. Market watchers say the won’s rise will help alleviate losses in value related to foreign currency-denominated assets or derivatives.
KB Financial Group, the holding company of top lender Kookmin Bank, jumped 11.73 percent, and Hana Financial Group, which owns the No. 4 lender, soared the daily limit of 15 percent. Leading builder Daewoo Engineering and Construction rose 4.73 percent, and Posco, the world’s fourth-largest steelmaker, advanced 2.61 percent.
But market leader Samsung Electronics, the world’s second-largest handset maker, shed 2.14 percent to 504,000 won. The world’s second-largest memory chip maker, Hynix Semiconductor, fell 1.09 percent, and Hyundai Motor, Korea’s largest carmaker, slumped 2.6 percent.
The local currency ended at 1,511.5 won to the dollar, up 37.5 won from Monday’s close.
Yonhap, Bloomberg
with the Korea JoongAng Daily
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