Foreigners, institutions drive up index
The Kospi closed at 2,172.72, up 4.42 points, or 0.2 percent compared to the previous trading day.
Foreign investors net bought 48.9 billion won ($43.6 million) in stock. Institutional investors bought 24.4 billion won worth as retail investors offloaded 130.9 billion won.
By sector, construction shares led, earning 2.5 percent. Mechanics increased 2.2 percent and transportation by 2.1 percent. Banks rose 1.7 percent while steel added 1.1 percent.
Korea Electric Power Corporation continued its 10-session rally, strengthening 3.28 percent to 48,750 won. Samsung C&T rose 2.61 percent to 137,500 won.
LG Electronics jumped 4.05 percent to 72,000 won, its highest close since September 2014. Analysts said the positive response to the company’s new G6 sparked gains. Hyundai Engineering & Construction hit a 52-week high, closing up 5.12 percent to 51,300 won.
The secondary Kosdaq closed down 2.04 points, or 0.34 percent from the previous session, at 605.53. Losses from pharmaceutical and IT companies led the downfall.
Celltrion was down 1.56 percent to 88,100 won, as Medytox added 1.95 percent to 417,700 won. Komipharm jumped 8.99 percent to 40,000 won. CJ E&M advanced 3.7 percent to 86,900 won and Kakao slipped 0.81 percent to 85,900 won.
Investors are waiting to see how the U.S. House of Representatives votes on the health care bill, a key test for Trump.
Seo Sang-young, an analyst at Kiwoom Securities, said foreign investors may maintain their buying mode, citing the nation’s recovery in exports.
The Korean won weakened 0.1 percent to 1,122.4 versus the greenback.
Government bond yields remained steady with the three-year bond yield at 1.67 percent and 10-year yield at 2.15 percent.
BY SONG KYOUNG-SON, YONHAP [song.kyoungson@joongang.co.kr]
with the Korea JoongAng Daily
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