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Kospi rebounds on improved sentiment

Aug 02,2017
Seoul’s main bourse closed higher on Tuesday, boosted by the government’s announcement that Korean exports grew for nine consecutive months in July.

The benchmark Kospi closed at 2,422.96 on Tuesday, up 20.25 points, or 0.84 percent.

Analysts said market sentiment improved despite the political situation surrounding North Korea due to outside factors, such as the weak U.S. dollar. On Monday (local time), the dollar added to its biggest monthly retreat since January.

The local government also said on Tuesday that Korean exports, led by semiconductors, increased by nearly 20 percent year on year.

Institutional investors were the main buyers of local shares as they scooped up 180.8 billion won ($161.1 million). Foreign investors net sold 35 billion won and retail investors offloaded 175.7 billion won.

By sector, insurance rose by 3.7 percent and securities increased 2.0 percent. Steel went up 1.5 percent.

Market bellwether Samsung Electronics gained 0.83 percent to close at 2,430,000 won. Leading steelmaker Posco inched up 0.60 percent to 334,000 won and state-run energy company Korea Electric Power Corporation edged up 0.79 percent to 44,900 won.

Shinhan Financial Group went up 1.88 percent to 54,200 won. KB Financial Group also rose 0.67 percent to 59,800 won. Hana Financial Group advanced 1.37 percent to 51,700 won and Woori Bank pushed up 0.52 percent to 19,200 won.

Auto companies were mixed across the board.

Hyundai Motor nudged up 0.34 percent to 145,500 won. Kia Motors also strengthened 0.41 percent to 36,750 won. Auto parts maker Hyundai Mobis, on the other hand, inched down 0.20 percent to 245,500 won.

The secondary Kosdaq turned around for the first time in six trading days, up 2.65 points, or 0.41 percent, to close at 653.12.

The local currency closed at 1,121.30 won against the U.S. dollar, down 2.3 won from the previous session’s close.

Return on 3-year government bonds increased one basis point to 1.73 percent and the yield on 10-year bonds advanced three basis points to 2.26 percent.


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


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