Samsung hits record but index declines

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Samsung hits record but index declines

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Seoul’s main bourse slipped after a two-day winning streak on Tuesday. Samsung Electronics and SK Hynix, the index’s top two by market capitalization, reached all-time highs but selloffs from institutional investors pulled the index down.

Analysts said that some investors were waiting to see whether China’s A-shares get included on the MSCI index. If this happens, investors may sell Korean shares and move on to buy Chinese ones.

The Kospi closed at 2,369.23, down 1.67 points, or 0.07 percent from the previous trading day.

Institutional investors offloaded 656.2 billion won ($576 million) in shares for profit-taking, while retail and foreign investors net purchased 362.9 billion and 258.5 billion won each.

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Middle and small-cap shares were generally weak, each retreating 1.2 percent and 0.9 percent. Large-cap shares collectively inched up 0.1 percent, but their stocks were mixed across the board.

Market bellwether Samsung Electronics set a new high. The electronics giant advanced 3.39 percent to close at 2,407,000 won. Chipmaker SK Hynix also broke a record, adding 1.91 percent to 64,000 won.

Among decliners, Korea Electric Power Corporation fell 2.02 percent to 41,200 won as the new government is seeking to move away from a decades-long nuclear power-based energy policy. Samsung BioLogics slumped 2.7 percent to 234,000 won and affiliate Samsung SDS lost 3.31 percent to 160,500 won. Cosmetics giant AmorePacific declined 2.12 percent to 300,500 won.

The secondary Kosdaq fell to close Tuesday’s session at 669.41, down 6.03 points, or 0.89 percent compared to the previous day. Profit-taking from foreign and institutional investors from the two-day earning streak was what prompted the general decline.

Kakao shed 2.22 percent to 101,500 won. Pharmaceutical Medytox slipped 0.89 percent to 568,000 won whereas Celltrion jumped 5.35 percent to 114,300 won. CJ E&M gained 1.06 percent to 76,500 won.

The Korean won weakened 0.2 percent to 1,135.4 versus the dollar.

Three-year government bond yields remained at 1.68 percent while the ten-year yield fell two basis points to 2.14 percent.


BY SONG KYOUNG-SON, YONHAP [song.kyoungson@joongang.co.kr]
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