Retail purchases drive bourse upward

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Retail purchases drive bourse upward

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Seoul’s main bourse pushed up on Monday thanks to purchases from retail and institutional investors.

The Kospi rose 3.57 points, or 0.17 percent from Friday to close at 2,078.65.

Retail investors were the biggest contributors, having net bought 278.8 billion won ($242.2 million) in shares. Institutional investors tailed to purchase 230.8 billion won and foreign investors bought 5.9 billion won.

Trade volume was moderate at 285 million shares worth 3.89 trillion won ($3.38 billion), with gainers outnumbering losers 505 to 305.

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The local stock market opened a tad lower on losses in some tech companies and automakers but pared them in the afternoon on the back of gains in steelmakers, who advanced 1.6 percent, and other market heavyweights. Semiconductors and securities were strong as well, having added 1.2 percent each.

Chipmaker SK Hynix added 1.4 percent to 50,700 won. Cosmetics company AmorePacific snapped a three-session slump to add 2.34 percent to 284,000 won.

LG Chem, the country’s No. 1 chemicals firm, fell 0.53 percent to end at 279,500 won, while SK Innovation, the leading oil refiner, advanced 0.96 percent to 157,500 won. Refinery S-Oil also pushed up 2.26 percent to 85,900 won. Hyundai Heavy Industries added 0.68 percent to 148,000 won and Doosan Heavy Industries and Construction increased 2.18 percent to 30,400 won.

Tech stocks were relatively weak, with market bellwether Samsung Electronics having lost 1.04 percent to 1,898,000 won. This was the first time in 13 sessions the tech giant’s stock price closed down under 1,900,000 won. Affiliate Samsung C&T also shed 1.57 percent to 125,500 won. LG Display slumped 3.77 percent to 28,050 won on analyst reports that the growth rate of LCD television panel prices will slow down this year.

The secondary Kosdaq added 1.36 points, or 0.22 percent from the previous session to 611.94. Semiconductor shares led gains whereas information technology companies were sluggish.

Celltrion slipped 0.2 percent to 101,600 won whereas Medytox added 0.33 percent to 422,200 won. Kakao lost 1.18 percent to 84,100 won and CJ E&M fell 0.25 percent to 78,400 won.


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