Kospi edges up with Samsung rebound

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Kospi edges up with Samsung rebound

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Seoul’s main bourse closed higher on Tuesday as Samsung Electronics rebounded from a two-day decline. The Kospi ended the trading day at 2,071.87, up 7.7 points, or 0.37 percent, from the previous day.

Institutional investors were the biggest contributors to the uplift, purchasing 90.1 billion won ($77 million) in Korean stock. Retail and foreign investors, on the other hand, sold off 82.5 billion won and 8.3 billion won each. By sector, financial companies were generally strong. Securities advanced 3.6 percent, banks 1.5 percent and insurance 1 percent.

Market bellwether Samsung Electronics climbed 0.82 percent to close at 1,848,000 won. Its share price had been falling for two straight days on news that prosecutors would seek an arrest warrant for the company’s de facto head, Lee Jae-yong, in connection with the Blue House corruption scandal. Affiliate Samsung Life Insurance advanced 3.13 percent to 115,500 won, while Samsung C&T lost 1.96 percent to close at 125,000 won.

SK Group, on the other hand, continued a four-day fall, shedding 2.9 percent to close at 218,000 won. Prosecutors said they secured a taped conversation last week between the company’s chairman, Chey Tae-won, and vice CEO Kim Young-tae that implied Chey was aware of his release on a presidential pardon before its official announcement.

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The secondary Kosdaq slipped 3.88 points, or 0.62 percent, from the previous trading day to close at 624 on Tuesday as institutional and foreign investors continued selling for eight sessions.

Celltrion slipped 1.08 percent to 101,000 won, and Medytox inched up 0.35 percent to 424,400 won. CJ E&M slumped 2.96 percent to close at 75,500 won, and Kakao went down 0.85 percent to 81,900 won.

The Korean won strengthened 0.6 percent to 1,174.5 on the dollar. The British pound fell to its lowest level in three decades at around $1.21. Investors were vigilant as they awaited U.K. Prime Minister Theresa May’s speech on Britain’s departure from the European Union.

Korean government bonds were largely steady on Tuesday, with the three-year yield slipping one basis point to 1.63 percent and the 10-year yield down two basis points to 2.1 percent.


BY SONG KYOUNG-SON [song.kyoungson@joongang.co.kr]
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