Seoul stocks snap six-day losing streak
Seoul’s main bourse rose for the first time in a week, ending a six-day decline.
The benchmark Kospi rose 5.06 points, or 0.24 percent, Wednesday to close at 2,128.91.The market advance, was limited on concerns a potential nuclear test by Pyongyang could send Northeast Asia into further turmoil.
“Investors are seeking safer assets on the risks surrounding the Syria and North Korean issues,” said Kim Yong-koo, a researcher at Hana Investment & Securities. The researcher said, however, the main index is expected to stay above 2,100 for some time.
Foreign investors, who have been on a selling spree for the last few trading days, net bought local shares worth 67.3 billion won ($58.9 million) on Wednesday. Retail investors also scooped up 26.4 billion won in stock while institutional investors offloaded 94.4 billion won.
By sector, automobiles climbed 1.1 percent and transportation 0.9 percent.
Across the index, shares were mixed.
Samsung Electronics inched up 0.72 percent to close at 2,095,000 won and chipmaker SK Hynix rose 0.31 percent to 49,000 won. Steelmaker Posco inched up 0.55 percent to 273,000 won and Samsung C&T, de facto holding company of Samsung, rose 1.21 percent to 125,000 won. Battery manufacturer LG Chemicals gained 0.53 percent to 282,000 won.
While auto parts maker Hyundai Mobis and automaker Kia Motors advanced 1.6 percent and 0.29 percent to 222,000 won and 35,100 won, Hyundai Motor fell 0.7 percent to 141,500 won. Portal giant Naver inched down 0.26 percent to 768,000 won.
The secondary Kosdaq ended slightly lower on Wednesday, down 0.19 points, or 0.03 percent, to 621.45. By sector, software and finance each closed 1.1 percent lower.
Celltrion, a pharmaceutical firm whose market value is at the top of the index, rose 0.45 percent to 90,100 won. Messenger app operator Kakao added 0.23 percent to 85,900 won. CJ E&M, CJ’s entertainment unit, however, slid 0.69 percent to 86,000 won and Medytox dropped 2.28 percent to 475,800 won.
The local currency closed at 1,141.40 won against the U.S. dollar, up 4.4 won from the previous day.
The yield on three-year government bond fell 1 basis point to 1.69 percent and the 10-year bond return remained fixed.
BY CHOI HYUNG-JO, YONHAP[firstname.lastname@example.org]