Samsung phone hype helps the market

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Samsung phone hype helps the market

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Seoul’s main bourse continued a two-day winning streak on Wednesday on the back of improved investor sentiment anticipating the release of Samsung Electronics’ new smartphone.

The benchmark index, the Kospi, closed at 2,166.9, up 3.67, or 0.2 percent, from the previous trading session. Total trade volume surpassed 5 trillion won ($4.5 billion) for a seventh straight trading day.

Retail investors net bought 37.3 billion won in local shares, while institutional investors offloaded 33.6 billion won and foreign investors sold 53.5 billion won.

“Foreign investors are in a selling mode after they drove the Kospi’s rally to a three-month high,” said Hong Seong-bae, an analyst at NH Investment & Securities. “It’s likely that the market will move in this tight range for some time until the earnings season.”

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By sector, IT rose 2.3 percent and semiconductors went up 1.5 percent. Energy and chemicals climbed 1 percent.

Top-cap Samsung Electronics gained 0.72 percent to close at 2,089,000 won with its share price boosted by consumer anticipation for its new flagship Galaxy S8 smartphone. The share price of Samsung C&T, the de facto holding company of Samsung Electronics, was lifted 1.58 percent to 128,500 won.

Automakers, however, were in negative terrain, led by auto parts supplier Hyundai Mobis, whose share price went down 2.88 percent to 236,000 won. Top automaker Hyundai Motor fell 2.50 percent to 156,000 won, and sister company Kia Motors shed 0.68 percent to close at 36,350 won. SK Telecom fell 3.07 percent to 252,500 won.

The secondary Kosdaq index also rose for a second trading day, up 1.35 points, or 0.2 percent, to close at 613.6. Foreign investors bought local IT shares due to improved earnings expectations for semiconductor producers. Pharmaceutical companies, on the other hand, fell. Celltrion and Komipharm slid 0.66 percent to 90,200 won and 2.84 percent to 37,600 won, respectively.

The local currency ended at 1,114.20 won against the U.S. dollar, down 1.2 won from the previous day.

Yields on three-year and 10-year government bonds remained fixed at 1.65 percent and 2.16 percent.


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


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