Kospi enters seven-day winning streak

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Kospi enters seven-day winning streak

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Seoul’s main bourse extended its winning streak into its seventh trading day, setting yet another record, boosted by continuous improvement in exports.

The benchmark Kospi rose 8.22 points, or 0.34 percent, to 2,450.06, closing above 2,450 level for the first time. Foreign investors continued to be net buyers of local stocks, scooping up 284.0 billion won ($253.9 million). Institutional investors and retail investors each net sold 55.5 billion won and 220.3 billion won in local shares.

Export as of Thursday jumped 22.4 percent year on year with the trade surplus standing at $4.1 billion.

By sector, banking and securities rose 2.9 and 2.0 percent each. Local banks announced a surprise earnings record from the second quarter, boosting investor sentiment.

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Market bellwether Samsung Electronics inched down 0.23 percent to 2,554,000 won Thursday. Chipmaker SK Hynix also shed 0.14 percent to 71,200 won. Cosmetic company AmorePacific lost 2.17 percent to 293,500 won and top oil refiner SK Innovation slipped 0.29 percent to 171,500 won.

The nation’s top mobile game producer Netmarble Games weakened 0.34 percent to 148,000 won. LG Electronics dropped 1.73 percent to 68,200 won.

Auto companies were mixed across the board. Top automaker Hyundai Motor edged down 0.34 percent to 147,500 won and affiliate auto part producer Hyundai Mobis tumbled 1.02 percent to 243,500 won. The second largest automotive company Kia Motors, on the other hand, inched up 0.27 percent to 36,550 won.

Financial companies were in positive terrain across the index.

KB Financial Group, the holding company of KB Kookmin Bank, jumped 4.18 percent to 59,800 won on the back of brisk earnings from the second quarter. Shinhan Financial Group also advanced 3.36 percent to 52,300 won. Hana Financial Group joined the group and grew 3.93 percent to 50,200 won. Samsung Life Insurance, the top insurer in Korea, strengthened 2.39 percent to 128,500 won.

The local currency closed at 1,118.20 won against the U.S. dollar, up 7.30 won from the previous session’s close. Bond prices, which move inversely to yields, closed higher.


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