Economy looking up despite Kospi slide
The benchmark Kospi has retreated for the third consecutive trading day. The Seoul main bourse closed 9.87 points or 0.46 percent lower than the previous trading day at 2,147.67, as foreign and retail investors unloaded their shares.Foreign investors, who bought for 15 consecutive trading days, turned to net sellers on Tuesday. Foreign and retail investors net sold 1.56 billion won ($1.5 million) and 66.3 billion won ($61.8 million) worth of shares, while institutional investors net purchased 71.4 billion won ($66.6 million).
Samsung Electronics, the nation’s No. 1 in terms of market capitalization retreated 2.08 percent, or 29,000 won to 1,366,000 won. Cheil Industries, Samsung’s fashion and chemical unit, climbed 0.60 percent to 167,000 won. Samsung SDS nudged up 0.38 percent, hitting 166,500 won.
Hyundai Motor, top automaker in the nation, slid 1.99 percent to 172,500 won. Its parts maker affiliate Hyundai Mobis dipped 1.23 percent, ending at 240,500 won. On the other hand, its shipbuilding affiliate Hyundai Heavy Industries soared 4.78 percent to 153,500 won.
SK Hynix, the nation’s second-largest chipmaker and third by market cap, jumped 2.51 percent to 26,950 won. Steel maker Posco rose 2.16 percent, hitting 260,500 won. Shinhan Financial Group, the largest financial institution, slid 2 percent to 44,050 won.
Korea’s bonds declined, pushing the 10-year yield to the highest level in seven weeks, as improving economic data tempered speculation the central bank will cut interest rates further.
The yield on government bonds due September 2024 increased eight basis points to 2.37 percent, the highest since March 10, Korea Exchange prices showed. The five-year yield rose six basis points, or 0.06 percentage point, to 2 percent.
The won climbed 0.3 percent to 1,070.02 a dollar, data compiled by Bloomberg showed. It earlier advanced to 1,068.57, the strongest level since Nov. 3.
The economy is showing positive signals in consumer sentiment and the housing and property markets, Bank of Korea Gov. Lee Ju-yeol said at a meeting with economists in Seoul on Tuesday.
BY KIM HYUN-MIN, BLOOMBERG [kim.hyunmin@joongang.co.kr]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)