Korean stocks rise, buoyed by Wall Street
Boosted by a new high on Wall Street, the benchmark Kospi nudged up 0.34 percent, or 7.13 points, to 2,120.85.Robust buying by foreign and retail investors led Tuesday’s market, while institutional investors sold off their shares.
Market Bellwether Samsung Electronics advanced 1.36 percent to 1,338,000 won ($1228) after a U.S. federal appeals court partially affirmed Apple’s claim that Samsung had infringed upon several product patents. Hyundai Motor, the No. 2 in market cap, remained flat as the market share in Europe dropped to 5.9 percent from a low of 6 percent per month.
SK Hynix climbed 1.43 percent to 46,100 won, while AmorePacific, which had recently boasted a better-than-ever performance, lost 1.95 percent to 428,000 won.
Naver, meanwhile, made a four-day rally on the expectation of a new mobile payment system in June, marking 626,000 won, up 1.29 percent from the previous day.
Shinhan Financial Group dropped 1.94 percent to 43,000 won, while SK Telecom - which will launch new mobile plans next week based on data use to follow LG U+ and KT - lost 1.58 percent to 248,500 won.
Samsung Life Insurance, the nation’s largest insurer, edged up 0.43 percent to 116,000 won. Hyundai Mobis, the parts affiliate of Hyundai Group, retreated 0.44 percent to 226,000 won. Steelmaker Posco dropped 0.79 percent to 251,000 won.
The yield on government notes due September 2024 rose four basis points, or 0.04 percentage point, to 2.56 percent, Korea Exchange prices showed. The three-year yield climbed two basis points to 1.91 percent.
Korea’s finance minister reiterated his view Tuesday that a weaker yen and protective measures in advanced economies are risks to Korea’s growth, while property and stock markets are showing signs of recovery and economic indicators are improving.
Finance Minister Choi Kyung-hwan said Monday that it was necessary to devise new export strategies to better penetrate China’s consumer market, remarks made after Trade Minister Yoon Sang-jick said the government plans to announce measures to support shipments before the end of June.
The won rose 0.15 percent, to 1,088.10 to the greenback as of the 3 p.m. close in Seoul.
BY KIM HYUN-MIN, BLOOMBERG [kim.hyunmin@joongang.co.kr]
with the Korea JoongAng Daily
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