Stocks related to Z Flip smartphone get bump
Stocks closed nearly flat Monday as foreigners dumped local shares amid lingering concerns over the spread of the new coronavirus. The won fell against the dollar.The Kospi dropped 1.42 points, or 0.06 percent, to close at 2,242.17. Trading volume was moderate at 453 million shares worth 5.5 trillion won ($4.6 billion), with losers outnumbering gainers 488 to 319.
“Although the Chinese stock market advanced more than 1 percent, investors here apparently remained cautious and locked in recent gains,” said Kiwoom Securities analyst Seo Sang-young.
Foreign investors sold a net 229.5 billion worth of local shares, while institutions scooped up a net 15 billion won. Retail investors bought a net 195 billion won.
Large cap shares closed mixed.
Samsung Electronics fell 0.49 percent to 61,500 won, but SK hynix advanced 0.48 percent to 105,000 won.
Hyundai Motor rose 1.50 percent to 135,500 won, while its auto parts affiliate Hyundai Mobis increased 0.84 percent to 239,000 won.
Pharmaceutical firm Celltrion spiked 2.76 percent to 186,000 won amid news that the company applied to Canadian health authorities for approval of Remsima SC on Monday. Remsima SC is a drug used for the treatment of autoimmune diseases.
Shares related to Samsung’s new foldable smartphone, the Galaxy Z Flip, ended higher, after stocks of the phone were quickly depleted on the first day of the product’s release. Shares of KH Vatec added 7.97 percent in the Kosdaq market, reaching 25,750 won. KH Vatec manufactures parts used in the “hinge” of Samsung’s Galaxy Z Flip.
Other parts makers such as SKC Kolon PI and SG Hightech benefited, adding 3.88 percent and 6.68 percent in the Kosdaq market, respectively.
The local currency closed at 1,183.9 won against the dollar, up 0.90 won from the previous session’s close.
The secondary Kosdaq was up 3.68 points, or 0.53 percent, to close at 692.59.
Bond prices, which move inversely to yields, closed lower. The yield on three-year bonds lost 0.6 basis points to 1.323 percent, the return on the benchmark 10-year government bond shed 3.2 basis points to reach 1.58 percent.
BY KANG JAE-EUN, YONHAP [kang.jaeeun@joongang.co.kr]
with the Korea JoongAng Daily
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