Seoul’s bourse extends winning streak

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Seoul’s bourse extends winning streak

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Seoul’s main bourse reached yet another record high on Thursday, boosted by the government’s decision to expand spending.

The benchmark Kospi extended its rally to a fifth trading day, rising 25.93 points, or 1.1 percent to 2,342.93. The index has risen since Monday, when it closed above 2,300 for the first time in history.

Analysts forecast that the Kospi could extend gains, partly on the back of healthier-than-anticipated corporate earnings.

“The Kospi is expected to keep an upward momentum until July when major firms announce the second-quarter’s earnings,” said Ji Ki-ho, a researcher at Cape Investment & Securities.

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Foreign and institutional investors led the rally as they each scooped up 116.9 billion won ($104.6 million) and 265.2 billion won in local stock. Individual investors offloaded 404.8 billion won in shares.

By sector, construction jumped 4 percent while securities rose 2.7 percent.

Samsung Electronics gained 1.78 percent to 2,284,000 won. Steelmaker Posco climbed 2.68 percent to 287,500 won and battery maker LG Chem gained 2.07 percent.

Hyundai Motor and its auto parts maker Hyundai Mobis rose, 0.61 percent to 165,000 won and 1.8 percent to 283,000 won. However, sister company Kia Motors fell 0.13 percent to 38,950 won.

Cosmetic company Amore Pacific fell 0.14 percent as energy company SK Innovation fell 0.29 percent to 169,500 won. Despite the bump earlier in the week, Netmarble Games dropped 0.69 percent to 144,000 won. Although it started at 162,000 won per share following its IPO on May 12, the mobile-games developer has been on a decline.

The secondary Kosdaq turned from its four-day rally and slipped 3.02 points, or 0.47 percent, to 643.02 Thursday.

Most shares were in negative terrain.

Celltrion slipped 1.26 percent to 93,800 won. Kakao fell 0.9 percent to 98,600 won as CJ E&M, CJ’s entertainment unit, shed 0.63 percent to 78,300 won.

The won closed at 1,116.50 won against the dollar, up 10.30 won from Wednesday.

The yield on the three-year government bond fell one basis point to 1.68 percent and return on the 10-year bond decreased two basis points to 2.25 percent.


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