Kospi inches up as investors remain cautious

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Kospi inches up as investors remain cautious

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Korean stocks made a modest gain Thursday as investors refrained from betting amid mixed overseas data. The local currency depreciated against the U.S. dollar.

The benchmark Kospi gained 6.3 points, or 0.25 percent, to finish at 2,492.38. Trade volume was moderate at 5.94 trillion won ($5.58 billion).

Foreigners dumped a net 42.5 billion won worth of local shares, while institutions scooped up a net 30.6 billion won. Retail investors were also net buyers, purchasing a net 18.8 billion won.

Analysts said investors were on the sidelines on mixed economic data from the United States and China.

U.S. retail sales fell 0.1 percent from a month earlier, marking the first three-month consecutive decline since April 2012.

China’s industrial output rose 7.2 percent in the first two months of the year, far exceeding market forecast. The neighboring country is Korea’s biggest trading partner.

“Despite the slight downturn in private consumption in the U.S., it would be good news for the Korean market as the Fed may be hesitant to take hawkish action next week [during its meeting to decide on a rate hike],” said Seo Sang-young, an analyst from Kiwoom Securities. “And the Korean economy will benefit from economic growth in China.”

Cosmetics firms had a bullish day, with industry leader AmorePacific rising 2.49 percent to 309,000 won a day after expanding into the Australian market.

Leading biotech firm Celltrion jumped 5.22 percent to 322,500 won and Hanmi Pharm advanced 1.99 percent to 513,000 won.

No. 1 chemical company LG Chem moved up 1.82 percent to 419,000 won and Kumho Petrochemical added 1.82 percent to 95,000 won.

Major electronics shares fell. Top cap Samsung Electronics retreated 0.43 percent to 2,577,000 won and No. 2 chipmaker SK Hynix fell 1.21 percent to 89,600 won.

The secondary Kosdaq inched up 3.51 points, or 0.40 percent, to 890.43. The tech-heavy market ended in positive terrain as foreigners became net buyers of IT shares, which rose 1 percent across sector.

Foreigners and individuals were net buyers, buying a net 24.7 billion won and 11.2 billion won each. Institutions offloaded a net 3 billion won.

The local currency closed at 1,065.4 won against the U.S. dollar, up 0.8 won from the previous session.

Bond prices closed higher. The yield on three-year bonds lost 0.6 basis points to 2.27 percent, and the return on 10-year government bonds fell 0.7 basis points to 2.70 percent.


BY KIM EUN-JIN, YONHAP [kim.eunjin1@joongang.co.kr]
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