Market gains on overseas investments
The benchmark Kospi gained 11.97 points, or 0.58 percent, to close at 2,087.14. The index hadn’t gone above 2,080 since July 21, 2015, when it closed at 2,083.62.
Foreign investors net bought shares worth 32.5 billion won ($27.5 million), continuing a buying spree that started at the beginning of the year.
“No one knows for sure why foreign investors continue to come into the local market, but the anticipated improvements in the quarterly results of local companies may have boosted their sentiment,” said Kim Sung-hwan, an analyst with Bookook Securities.
Transportation and shipping shares rose 2.4 percent while energy and chemicals gained 1 percent.
Overall, large-cap shares gained.
Market bellwether Samsung Electronics closed at 1,940,000, another peak, after climbing 1.36 percent, or 26,000 won.
Naver, the nation’s portal giant, rose 0.75 percent to 802,000 won.
Kia Motors inched up 0.62 percent while its affiliate and auto maker Hyundai Mobis added 1.64 percent to 279,000 won.
Hyundai Motor, however, nudged down 0.34 percent to close at 148,000 won.
SK Hynix snapped a five-day rally and fell 1.94 percent to close at 50,600 won.
The secondary Kosdaq started strong with U.S. index Nasdaq setting a new record. But the Korean index eventually shed 5.03 points, or 0.79 percent, to close at 632.87.
Most Kosdaq shares tumbled.
Celltrion shed 1.25 percent to 102,600 won as Kakao slipped 1.56 percent to 81,900 won. Medytox lost 0.33 percent to 392,500 won and Komipharm 0.76 percent to 32,700 won. SK Materials, on the other hand, grew 1.19 percent to 187,000 won.
The local currency weakened 1 percent to 1,184.8 won against the dollar.
Three-year government bond yields went down three basis points to 1.62 percent and the 10-year treasury fell six basis points to 2.07 percent.
BY CHIO HYUNG-JO, YONHAP [choi.hyungjo@joongang.co.kr]
with the Korea JoongAng Daily
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