Index passes 2,100 for 2nd straight day

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Index passes 2,100 for 2nd straight day

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Seoul’s main bourse remained above 2,100 for the second consecutive trading day largely thanks to investor sentiment that has improved because of the rise in global crude oil prices and gains in other major stock markets such as those in the United States and Germany.

The benchmark Kospi closed at 2,106.61 on Wednesday, up 3.68 points, or 0.17 percent, from the previous day. On Tuesday, the benchmark surpassed the 2,100 level for the first time in 19 months as local listed companies are expected to report strong performances for last year.

The Dow Jones industrial average rose 0.58 percent, with the tech-heavy Nasdaq composite index climbing 0.47 percent.

“Foreign buying gave a boost to the stock markets,” said Kim Ye-eun, an analyst at LIG Investment & Securities.

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Foreign investors bought 322.8 billion won ($282.3 million) in shares. Institutional investors, on the other hand, offloaded 288.3 billion won worth of stock and retail investors sold 88.6 billion won in shares.

“Investor sentiment has improved as the index surpassed the psychologically important 2,100 points,” said Bae Sung-young, an analyst at KB Securities. He also said large-cap stocks moved in the positive territory.

Market bellwether Samsung Electronics rose 0.92 percent to 1,965,000 won and steelmaker Posco gained 1.73 percent to 293,500 won. SK Telecom added 1.54 percent to close at 231,000 won and portal service provider Naver rose 0.89 percent to 797,000 won.

The secondary Kosdaq fell for the first time in six trading days as investors took profits from the recent gain. The Kosdaq closed at 621.39, down 1.08 points, or 0.17 percent, from the previous trading day.

The local currency closed at 1,142.60 won against the U.S. dollar, up 3.50 won from the previous session’s close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 1.9 basis points to 1.690 percent and the return on the benchmark five-year government bond added 3.9 basis points to 1.925 percent.

The Bank of Korea will decide whether to raise its interest rate on Thursday, with analysts forecasting a freeze.


BY KIM YOUNG-NAM, YONHAP [kim.youngnam@joongang.co.kr]
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