Upbeat Q1 outlook boosts local market

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Upbeat Q1 outlook boosts local market

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Seoul’s main bourse closed slightly higher on Tuesday, boosted by positive outlooks in the quarterly earnings of local companies including top-cap Samsung Electronics.

The benchmark index, the Kospi, rose 7.65 points, or 0.4 percent, from the previous trading session to close at 2,163.3.

Foreign and retail investors led the way, purchasing shares worth 10.3 billion won ($9.2 million) and 12.6 billion won each. Institutional investors, on the other hand, offloaded 75.5 billion won.

“Investor sentiment is quickly shifting to quarterly corporate earnings after they saw the U.S. markets fare relatively well despite the withdrawal of Trump’s health care bill,” said Kim Sung-hwan, an analyst at Bookook Securities. “Hope for another turnaround in exports is one of the factors that will drive up shares for the time being.”

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The index overall showed positive movement with large-cap shares gaining 0.3 percent while mid- and small-cap shares increasing 0.4 percent and 0.7 percent each.

Earnings from the first quarter of 2017 displayed a positive outlook. The country’s outbound shipments jumped 20.2 percent year on year to $43.2 billion in February, marking the fastest clip in five years and the fourth consecutive month of increase.

Market bellwether Samsung Electronics nudged up 0.68 percent to 2,074,000 won, turning around from a four-day falling streak. Other blue-chip exporters also gained with leading chipmaker SK Hynix and Posco each rising 0.20 percent to 50,800 won and 2.04 percent to 275,500 won. LG Chemicals followed the trend and jumped 3.54 percent to 292,500 won, and SK Innovation inched up 0.62 percent to 163,000 won.

The secondary Kosdaq index also advanced on Tuesday, up 5.21 points, or 0.9 percent, to close at 612.2. While Celltrion nudged down 0.22 percent to 90,800 won, other pharmaceutical companies near the top of the index rose, with Medytox gaining 2.18 percent to close at 426,000 won and Komipharm soaring 4.74 percent to 38,700 won.

The local currency ended at 1,113.00 won against the U.S. dollar, down 0.2 won.

The yield on three-year government bonds rose one basis point to 1.66 percent, and returns on 10-year treasuries also increased one basis point to 2.16 percent.


BY CHOI HYUNG-JO, YONHAP [choi.hyungjo@joongang.co.kr]
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