Institutional investors’ buying lifts Kospi
Though concerns over the global economic slowdown still reside, institutional investors’ buying put back the benchmark Kospi to the 1,980 points level on Tuesday.The main bourse rebounded to 1,982.06, adding 17.38 points or 0.88 percent from Monday’s closing. Retail and foreign investors net sold shares, unloading 101.7 billion won ($86.3 million) and 18.6 billion won, respectively. Institution investors, the savior of the day, net purchased 112.9 billion won.
The secondary market Kosdaq closed at 693.67 points, up 4.77 points or 0.69 percent from the previous day.
While more major players gained than lost, market bellwether Samsung Electronics nudged down 0.43 percent to 1,145,000 won and Samsung C&T, fourth by market capitalization, fell 1.90 percent to 154,500 won.
Automotive shares advanced. The nation’s biggest automaker Hyundai Motor rose 3.14 percent to 164,000 won, its auto-parts affiliate Hyundai Mobis gained 5.06 percent to 218,000 won and its sister company Kia Motors rose 3.11 percent to 53,000 won. News on Volkswagen’s recall incident brought positive prospects for other automakers in expectation of earnings benefits.
Korea Electric Power Corporation (Kepco) advanced 4.85 percent to 49,700 won. The nation’s largest cosmetics company AmorePacific added 2.46 percent to 375,000 won and SK Telecom, the biggest mobile carrier, rose 2.34 percent to 262,000 won.
However, Naver inched down 0.80 percent to 496,000 won and nation’s steel giant Posco lost 1.36 percent to 181,000 won. LG fell 1.02 percent to 58,500 won, while LG Display plunged 4.72 percent to 23,200 won due to Taiwanese multinational Hon Hai Group’s acquisition proposal of Sharp’s LCD parts that may bring fierce competition in the display sector.
Most industries gained. Medical precision, electro gas, transportation utilities, telecommunications and securities are on the rise of over 2 percent. On the other hand, textile and garments, steel and metal weakened.
The won retreated 0.4 percent to close at 1,179.17 a dollar in Seoul, data compiled by Bloomberg showed. The currency earlier dropped to as low as 1,179.80, the weakest since Sept. 16, and its two-day decline of 1.4 percent was the biggest since Sept. 3.
BY KIM JEE-HEE, BLOOMBERG [kim.jeehee@joongang.co.kr]
with the Korea JoongAng Daily
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