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Institutional buying helps Kospi inch up

Aug 01,2017
Seoul’s main bourse finished slightly higher on Monday, with institutional investors going on a buying spree as foreign and individual investors dumped local shares to lock in recent gains amid growing geopolitical tension caused by North Korea’s intercontinental ballistic missile launch, analysts said.

The benchmark index, the Kospi, edged up 1.72 points, or 0.07 percent, to close at 2,402.71. Trade volume was modest at 273.94 million shares worth 5.6 trillion won ($5 billion), with losers outnumbering gainers 504 to 301.

Foreigners and individuals offloaded a net 25.3 billion won and 26 billion won worth of local stocks, respectively, a move seen as capitalizing on recent gains, analysts said. Meanwhile, institutions were net buyers by snatching up a net 48.4 billion won worth of shares.

The local stock market had opened lower following losses on Wall Street late last week.

“The Kospi is forecast to face some downward pressure despite modest gains as it tumbled on Friday and investors keep close tabs on North Korea,” said Lee Kyung-min, an analyst at Daishin Securities.

Most large-cap stocks were mixed, with tech shares leading the gains.

Top-cap Samsung Electronics added 0.92 percent to end at 2.41 million won, following a huge loss during the previous session. SK Hynix, a major chipmaker, moved up 2.17 percent to 66,000 won per share.

Hyundai Motor, meanwhile, shed 3.01 percent to close at 145,000 won, and its affiliate Hyundai Mobis, an auto parts maker, dropped 3.72 percent to 246,000 won.

The secondary Kosdaq closed at 650.47, down 2.48 points, or 0.38 percent, from the previous session. The index has retreated for five consecutive trading days.

Pharmaceutical shares were generally weak. Celltrion and affiliate Celltrion Healthcare slipped 0.09 percent to 108,500 won and 1.09 percent to 49,750 won, respectively. Medytox dropped 2.6 percent to 591,200 won.

The local currency closed at 1,119 won against the U.S. dollar, strengthening 0.3 percent from Friday’s close.

Three-year and 10-year government bond yields were steady at 1.72 percent and 2.23 percent, respectively.


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


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