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Big technology companies push market higher

July 10,2018
Korea’s main bourse ended higher Monday led by gains in large-cap tech and financial shares. The Korean won appreciated against the U.S. dollar.

The benchmark Kospi moved up 12.93 points, or 0.57 percent, to close at 2,285.8. Trade volume was moderate at 5.75 trillion won ($5.17 billion).

The main bourse opened nearly flat but gained ground late in the afternoon, as institutions scooped up large-cap shares.

“Solid U.S. economic data had a positive impact on the local stock market,” said Kim Sung-hwan, an analyst at Bookook Securities. Last Friday, the U.S. Labor Department released statistics showing higher-than-expected on-year employment data for June.

Institutions bought 122 billion won worth of local stocks. Retail investors dumped a net 72.6 billion won while foreigners sold a net 59 billion won.

Large-cap electronics won. Market kingpin Samsung Electronics advanced 1.56 percent to 45,600 won and SK Hynix, a major chipmaker, jumped 2.7 percent 87,600 won.

Financial shares also rallied, with KB Financial Group climbing 1.85 percent to close at 55,200 won. Shinhan Financial Group was up 1.59 percent to 44,600 won.

Steel shares were bearish amid concerns over trade protectionism. Last Thursday, European Union countries backed the European Commission’s proposal to limit steel imports into the Euro zone, following the United States’ decision to slap tariffs on steel and aluminum.

Market leader Posco plunged 2.4 percent to 305,000 won and Hyundai Steel nosedived 4.55 percent to 48,200 won.

Bio shares were mixed, with pharmaceutical giant Celltrion dropping 1.9 percent to 284,000 won, and Samsung BioLogics jumping 4.15 percent to end at 427,000 won.

The secondary Kosdaq dropped 0.61 points, or 0.08 percent, to 808.28. The tech-heavy index closed lower, dragged down by large foreign selling.

Foreigners sold a net 44.2 billion won in shares and individuals sold a net 3.7 billion won. Institutions were net buyers, purchasing a net 48.9 billion won.

Metal shares closed 4.1 percent lower, while construction shares also dropped 3.6 percent.

The local currency closed at 1,112.20 won against the U.S. dollar, down 3.7 won from Friday’s close.

Bond prices, which move inversely to yields, ended lower. The yield on three-year bonds rose 0.6 basis points to 2.11 percent, and the return 10-year bonds gained 0.3 basis points to 2.56 percent.


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


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