Kospi continues climb as threats subside

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Kospi continues climb as threats subside

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The Korean stock market rose for a second straight session on Wednesday, as tensions between the United States and North Korea showed signs of easing.

The benchmark index, the Kospi, closed at 2,348.26, up 14.04 points, or 0.6 percent, from Monday. Markets were closed on Tuesday for a national holiday.

Retail investors led the buying, scooping up 157.2 billion won ($137.8 million) worth of shares. Foreign and institutional investors, though, offloaded 101.6 billion won and 67 billion won in stock.

The Kospi opened high early in the day on positive economic data from the United States and subsiding tension between Washington and Pyongyang. Analysts added that the local index was helped by improvements in the U.S. stock markets as well.

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“The local stock market is expected to gain in coming sessions as U.S. retail sales improved and North Korea-U.S. tension shows signs of receding,” said Seo Sang-young, a researcher at Kiwoom Securities.

Electronics were once again the winners. Samsung Electronics, the top company by market cap, rose 2.67 percent to 2,310,000 won, and rival SK Hynix, a chipmaker, gained 1.54 percent to close at 66,100 won.

Naver, operator of the country’s top search engine, advanced 1.03 percent to 787,000 won, and Kakao, which runs Korea’s most popular messaging app, rose 1.33 percent to 114,500 won. Samsung SDI, a battery maker, gained 1.13 percent to 178,500 won.

Hyundai Motor, Korea’s top automaker, was flat at 144,500 won, and its smaller affiliate Kia Motors dropped 0.7 percent to 35,450 won.

The secondary Kosdaq index closed at 634.91, up 5.54 points, or 0.88 percent, from the previous session. It was the first time in three trading days that it surpassed the 630 level.

Pharmaceutical company Celltrion rose 3.63 percent to 108,500 won, and CJ E&M added 1.32 percent to close at 69,200 won.

The Korean won fell against the U.S. dollar to 1,141.50 won, down 1.8 won from the previous session.

Returns on three-year government bonds gained 1.9 basis points to end at 1.82 percent, and returns on five-year bonds rose 2.6 basis points to 2.03 percent.


BY KIM YOUNG-NAM, YONHAP [kim.youngnam@joongang.co.kr]
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