Stocks break 2,300 as exports are strong
The benchmark Kospi rose 15.55 points, or 0.68 percent, to end at 2,304.03.
Foreigners were the main purchasers of local shares, net buying Korean stocks worth 289.1 billion won ($258.5 million). They scooped up electrical and electronics shares worth 157.2 billion won.
Institutional investors and retail investors each offloaded 259.2 billion won and 65.6 billion won in local shares.
“The U.S. stocks gained on the back of the improved corporate structure despite political uncertainties surrounding U.S. President Trump. The local index is forecast to keep an upward momentum, but the increase will be limited due to uncertainties surrounding U.S. politics,” said Seo Sang-young of Kiwoom Securities.
By sector, steel rose 3.4 percent and energy and chemicals went up 2.2 percent. Construction and semiconductors climbed 1.9 and 1.4 percent each.
Market bellwether Samsung Electronics inched up 0.85 percent on Monday to close at 2.25 million won. Chipmaker SK Hynix soared 3.32 percent to 56,000 won and steelmaker Posco jumped 4.97 percent to 285,000 won. Naver went up 1.8 percent to 847,000 won.
Kia Motors gained 0.64 percent to 39,050 won. Its affiliate auto parts maker Hyundai Mobis edged up 0.55 percent to 274,500 won. But industry leader Hyundai Motor remained fixed at 170,000 won Monday.
Amore Pacific inched down 0.14 percent to 359,000 won. Netmarble Games, which went public on May 12 at 162,000 won per share, continued to slide. The game maker fell to 140,000 won, down 2.44 percent.
The secondary Kosdaq rose for the second straight trading day, up 0.17 points, or 0.03 percent, to 642.62.
The local currency closed at 1,118.60 won against the U.S. dollar, up 8.6 won.
The yield on three-year Treasurys added one basis point to 1.69 percent and the return on the 10-year government bonds gained three basis points to 2.27 percent.
BY CHOI HYUNG-JO, YONHAP [choi.hyungjo@joongang.co.kr]
with the Korea JoongAng Daily
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