Buying pushes Kospi up for second day
Korean shares rose for the second day yesterday thanks to both foreign and retail investors buying.The benchmark Kospi increased 0.33 percent, or 6.56 points, to close at 2,008.56.
Foreign investors purchased for the 16th consecutive day, at 27.3 billion won ($26.68 million) worth of shares, and retail investors purchased 45.1 billion won to drive up the index. Institutional investors offloaded 70.3 billion won worth of stocks.
Samsung Electronics rose 1.03 percent to 1.5 million won, and LG Electronics increased 1.6 percent to 76,300 won.
Hyundai Motor Company went up 0.22 percent to 227,000 won, but Kia Motors fell 1.03 percent to 57,600 won. Hyundai Mobis was up 1.74 percent at 292,000 won.
Posco dropped 1.7 percent to 289,000 won, and Hyundai Steel dipped 1.46 percent to 67,400 won.
Hyundai Heavy Industries stayed flat, while Samsung Heavy Industries lost 2.67 percent to close at 27,350 won.
Naver decreased 0.92 percent to close at 755,000 won.
Korean Air reversed 0.29 percent to 34,050 won, and Asiana Airlines was down 0.82 percent to 4,810 won.
Among the top three mobile carriers, SK Telecom slipped 0.22 percent to 222,000 won, and KT decreased 1 percent to 29,800 won, but LG U+ gained 0.96 percent to 9,490 won.
Korea is marking its first sale of 30-year dollar-denominated bonds after the cost of insuring the nation’s debt against default reached its lowest point in more than six years.
The sale will boost the appeal of the country’s assets.
Proceeds will add to the nation’s record currency reserves at a time when the central bank is suspected to have intervened to check the won’s advance to a six-year high that’s threatening an export-driven economic recovery.
The won reversed earlier losses on speculation that exporters sold the U.S. dollar to take advantage of a favorable exchange rate. It closed 0.1 percent higher yesterday at 1,023.08 against the greenback in Seoul.
BY KIM HAE-YOON, BLOOMBERG [haeyoonk1311@joongang.co.kr]
with the Korea JoongAng Daily
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