Stocks rise on stimulus, but foreigners keep on selling
Stocks spiked by more than 2 percent Thursday, helped by stimulus measures and a rise in oil prices. The local currency rose slightly against the dollar.The benchmark Kospi increased 39.40 points, or 2.34 percent, to close at 1,724.86. Trading volume was moderate at 752 million shares worth some 9.5 trillion won ($7.7 billion), with gainers outnumbering losers 708 to 154.
The index again opened lower Thursday, tracking overnight losses on Wall Street, where the Dow Jones Industrial Average fell over 4 percent.
“The rate of the global stock market recovery is showing signs of slowing, partly because of the accelerating spread of Covid-19 and the lack of additional monetary and fiscal policies,” NH Investment & Securities analyst Noh Dong-kil said.
“A prolonged economic slump in the United States is the single most important factor that could undermine Korea’s stock market recovery,” Noh added.
Foreign investors extended their selling streak to 21 sessions, offloading a net 576 billion won, while institutions purchased a net 315.5 billion won. Individuals bought a net 272 billion won.
Most large caps closed in positive territory.
Samsung Electronics surged 2.18 percent to 46,800 won, while SK hynix advanced 2.04 percent to 80,000 won.
Samsung BioLogics climbed 2.65 percent to 464,500 won, while automaker Hyundai Motor gaining 1.41 percent to 86,600 won.
Chemical firms were in a negative territory. Celltrion slipped 1.52 percent to close at 195,000 won, and LG Chem inched down 0.34 percent to close at 291,000 won.
Korean Air added 0.8 percent, continuing its winning streak for two consecutive sessions, and Asiana airlines inched up 0.74 percent to close at 3,420 won. Jin Air shed 5 percent closing at 10,450 won.
The secondary Kosdaq added 15.86 points, or 2.87 percent.
The local currency closed at 1,228.30 won per dollar, down 2.20 won from the previous session’s close.
BY KANG JAE-EUN, YONHAP [kang.jaeeun@joongang.co.kr]
with the Korea JoongAng Daily
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