Kospi gains, but won weakest since June
The benchmark Kospi closed at 2,083.62 on Tuesday, up 10.31 points, or 0.50 percent, thanks largely to net purchasing by institutional and retail investors.Kosdaq, the secondary market, stayed above the 780 mark but closed 0.08 percent lower than the previous day at 781.99.
Large-cap shares had mixed results. Samsung Electronics, the No. 1 by market capitalization, dipped 0.94 percent to finish at 1,263,000 won ($1,094).
Korea Electric Power Corporation (Kepco) inched up 1 percent to end at 50,400 won. Leading cosmetics company AmorePacific fell 1.71 percent to 403,000 won, while SK Hynix advanced 1.03 percent to 39,050 won.
By industry, automakers and shipyards saw a sharp rise in their stocks.
Hyundai Motor soared 7.26 percent to 133,000 won, and its auto parts affiliate Hyundai Mobis rose 2.1 percent to 194,500 won. Its sister company Kia Motors climbed 3.06 percent to close at 42,100 won.
Daewoo Shipbuilding & Marine Engineering, the world’s No. 2 shipbuilder, recorded its largest gain, generated from its announcement regarding a restructuring plan that includes staff relocations and financial support from its largest shareholder, the Korea Development Bank (KDB).
The share jumped 14.36 percent to close at 8,520 won, while Hyundai Heavy Industries advanced 6.11 percent to 106,000 won. Samsung Heavy Industries rose 3.57 percent to finish at 14,500 won.
The won fell 0.5 percent to close at 1,158.22 to the dollar, according to data compiled by Bloomberg. It earlier dropped to 1,160.14, the weakest since June 2013.
The won weakened recently because of a stronger dollar and expectations of the U.S. Fed tightening, Finance Minister Choi Kyung Hwan said in a briefing on Tuesday.
The nation may revise measures controlling capital flows to curb outflow if such concerns rise, Choi said. In 2012, it tightened limits on the amount of currency forward positions banks can hold, to stem short-term inflows.
The yield on government bonds due 2018 was unchanged at 1.78 percent as Korea Exchange prices showed. The 10-year yield fell one basis point to 2.46 percent.
BY CHOI JEONG-PIL, BLOOMBERG [ebusiness@joongang.co.kr]
with the Korea JoongAng Daily
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