Shares hit high on improved sentiment

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Shares hit high on improved sentiment

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Seoul’s main bourse rose to a record high on Friday, its second in five days. Analysts said that uncertainties from abroad eased, improving investor sentiment.

The benchmark Kospi advanced 18.12 points, or 0.77 percent, to close at 2,381.69 Friday. While in session, the index hit 2,385.15, an all-time high in session.

Analysts said the growth came as investors became less concerned about global risks as the hearing of former U.S. FBI director James Comey met market expectations.

“Concerns over the political uncertainties in the U.S., Britain’s general election and the policy meeting of the European Central Bank have been eased, causing investors to seek riskier assets,” said Kim Byung-yeon, a researcher at NH Investment & Securities.

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Foreign investors net purchased Korean shares worth 148.7 billion won ($132.3 million). Institutional investors offloaded 30.6 billion won and retail investors net sold 167.5 billion won in local stocks.

By sector, securities went up 4.8 percent while semiconductor rose 1.7 percent.

Samsung Electronics jumped 2.08 percent on Friday to 2,305000 won. The tech giant’s shares rose as NH Investment & Securities projected that it has become the leading semiconductor producer.

Chipmaker SK Hynix also rose, up 2.82 percent to close at 58,300 won. Portal giant Naver soared 7.87 percent to 960,000 won. Analysts suggest that Naver’s share price skyrocketed due to the outlook that its ad profit will further rise in the second half.

Steelmaker Posco gained 1.85 percent to 275,000 won and LG Chem climbed 1.04 percent to 292,500 won.

Hyundai Motor and affiliate auto parts producer Hyundai Mobis stayed fixed at 160,000 won and 264,500 won. Sister company Kia Motors, however, inched down 0.38 percent to 39,500 won.

The secondary Kosdaq extended its run to an eighth trading day, up 4.18 points, or 0.62 percent, to close at 674.15.

The local currency closed at 1,123.20 won against the greenback, down 1.1 won. Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds went down one basis point to 1.63 percent and the return on 10-year bonds was fixed at 2.17 percent.


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