Market mostly flat on investor unease

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Market mostly flat on investor unease

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Seoul’s main bourse snapped a two-day fall Thursday to close slightly higher than the previous session.

The benchmark Kospi increased 3.43 points, or 0.15 percent, to end at 2,363.57.

Analysts said Seoul shares traded nearly flat as investors took a wait-and-see stance on major events that could significantly impact on the global market.

“James Comey’s testimony, Britain’s election, the European Central Bank meeting and the profit-taking sentiment induced investors to take a wait-and-see stance,” said Kim Byung-yeon, a researcher at NH Investment & Securities.

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Foreigners scooped up local shares worth 275.7 billion won ($245.4 million) and retail investors net purchased 90.8 billion won in stocks. Institutional investors offloaded 440.5 billion won in shares.

By sector, semiconductors rose 1.8 percent while securities went up 1.1 percent.

Market bellwether Samsung Electronics inched down 0.31 percent to 2,258,000 won. Leading steel maker Posco tumbled 0.92 percent to 270,000 won and LG Chem slipped 0.34 percent to 289,500 won.

Cosmetic company Amore Pacific retreated 1.93 percent to 329,500 won and telecommunications provider SK Telecom climbed down 1.02 percent.

While auto parts maker Hyundai Mobis fell 0.19 percent to 264,500 won, other auto shares rose. Hyundai Motor gained 0.63 percent to 160,000 won and its sister company Kia Motors inched up 0.77 percent to 39,150 won.

Chipmaker SK Hynix rose 0.35 percent to 56,700 won as portal giant Naver added 1.6 percent to 890,000 won. KB Financial closed at 55,700 won, up 0.54 percent. LG Electronics and LG Display climbed 1.76 percent to 86,800 won and 3.11 percent to 36,500 won.

The secondary Kosdaq rallied for a seventh trading day to a yearly high. It rose 3.51 points, or 0.53 percent, to close at 669.97.

The local currency closed at 1,122.10 won against the greenback, up 1.90 won from the previous session.

Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds went up two basis points to 1.64 percent and the return on 10-year bonds added one basis point to 2.17 percent.


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