Kospi rebounds from a two-day slump
The benchmark Kospi closed at 2,443.24 on Thursday, up 8.73 points, or 0.36 percent, compared to the previous close.
“The dovish statement from the Federal Open Market Committee contributed to a rise in U.S. shares overnight, which also had a positive impact on Korea’s main bourse,” said Seo Sang-young, an analyst at Kiwoom Securities.
Institutional investors were the main buyers of local stocks on Thursday, scooping up 359.6 billion won ($322.9 million). Foreign investors offloaded 210.8 billion won while retail investors net sold 136.3 billion won.
Market bellwether Samsung Electronics edged down 0.08 percent to 2,490,000 won.
Banking shares were also in negative terrain. Shinhan Financial Group shed 0.38 percent to 52,800 won and KB Financial Group inched down 0.67 percent to 59,700 won. Hana Financial Group also slipped 0.19 percent to 51,900 won and Woori Bank lost 1.53 percent to 19,250 won.
Top automaker Hyundai Motor tumbled 1.01 percent to close at 146,500 won while its affiliate and auto part maker Hyundai Mobis nudged down 0.40 percent to 247,000 won. SK Innovation also fell 1.69 percent to 174,500 after the announcement that its earnings from second quarter this year nearly halved compared to a year before.
Chipmaker SK Hynix, on the other hand, advanced 2.40 percent to 68,400 won while top steel maker Posco edged up 0.61 percent to 331,500 won. Top battery maker LG Chem strengthened 1.38 percent to 331,000 won. Leading cosmetic company AmorePacific turned around from a five-day skid to close at 291,500 won, up 2.64 percent.
The secondary Kosdaq continued its fall, down 0.74 points, or 0.11 percent, to 666.48.
The local currency closed at 1,112.80 won against the U.S. dollar, up 9.00 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]
with the Korea JoongAng Daily
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