Kospi hits record as investors read tea leaves
The Kospi gained 4.32 points, or 0.17 percent, from the previous session to close at a record 2,484.37. Trade volume was moderate at 193 million shares worth 5.24 trillion won ($4.62 billion), with gainers outnumbering losers 403 to 384.
The local stock market opened higher as Samsung Electronics continued to rise on third-quarter earnings hopes, but some major stocks suffered a decline from profit-taking.
“Investors are being pressed to cash in recent gains down the road,” said Seo Sang-young, an analyst at Kiwoom Securities. “The market may face a short correction due to the lingering North Korean issue.”
The tech giant projected last week that its third-quarter operating profit would nearly triple on sound returns from its computer chip business.
SK Hynix, another major manufacturer of semiconductors, went down 0.83 percent to 83,500 won as investors continued to lock in recent gains.
SK Telecom, the country’s largest mobile carrier, fell 1.1 percent to finish at 268,100 won.
Top steel producer Posco dropped 2.47 percent to 335,500 won after surging almost 6 percent the previous day on hopes for improved earnings.
AmorePacific, Korea’s No. 1 cosmetics maker, advanced 0.53 percent to 286,500 won, with investor concerns over its slump in China easing.
Hyundai Motor, the country’s top automaker, lost 2.29 percent to end the day at 149,500 won.
Naver, operator of Korea’s most popular search engine, added 0.79 percent to close at 768,000 won.
The secondary index, the Kosdaq, closed at 670.51, up 11.1 points, or 1.68 percent, from the previous trading day.
Celltrion, a major manufacturer of biopharmaceutical drugs and the largest on the Kosdaq, skyrocketed 8.98 percent to close at 191,700 won on the back of foreign investors’ shopping spree for pharmaceutical shares.
The Korean won fell against the U.S. dollar, closing at 1,132.50, down 4.7 won from the previous session.
Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds rose 2 basis points to 1.947 percent, and returns on the benchmark five-year bond added 1.6 basis points to end at 2.146 percent.
BY SEO JI-EUN, YONHAP [seo.jieun@joongang.co.kr]
with the Korea JoongAng Daily
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