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Asiana sale, U.S. gains help raise Kospi 0.42%

Apr 16,2019
Shares ended higher Monday as Kumho Asiana Group decided to sell the country’s No. 2 air carrier, Asiana Airlines. The won increased against the dollar.

The benchmark Kospi advanced 9.43 points, or 0.42 percent, to close at 2,242.88. Trading volume was moderate at 398 million shares worth 6.55 trillion won ($5.78 billion), with gainers outnumbering losers 472 to 353.

The index closed higher for the 12th consecutive session. That marked the longest streak of positive finishes since 2006.

Foreigners scooped up a net 180.6 billion won worth of shares, while institutions sold a net 221.4 billion won. Individuals bought a net 46.5 billion won.

Asiana Airlines shot up by the daily permissible limit of 30 percent to 7,280 won as its parent group caved in to pressure from its creditors to roll out more concrete and bolder turnaround measures.

No. 1 airline Korean Air also jumped 6.04 percent to 37,750 won on hopes that its chairman’s death could reshape its ownership structure. The holding firm Hanjin Kal, however, skidded 0.79 percent to finish 43,750 won.

Shares also rose after taking a cue from gains on Wall Street, analysts said. They believe local shares closed higher as investor sentiment was buoyed by Wall Street gains, coupled by China’s better-than-expected exports data released last week.

“With the global stock markets being stabilized, the gains in the U.S. stock market over the weekend had a positive impact on the local bourse as well,” said Lee Young-gon, a researcher from Hana Financial Investment.

Market kingpin Samsung Electronics moved up 0.43 percent to 47,050 won, and No. 2 chipmaker SK Hynix gained 2.05 percent to 79,700 won. LG Display added 0.46 percent to 21,950 won.

Top cosmetics firm Amorepacific soared 7.57 percent to 234,500 won, and LG Household & Health Care advanced 0.56 percent to 1,440,000 won. S-Oil increased 4.89 percent to 96,600 won.

The secondary Kosdaq, however, lost 1.10 points, or 0.14 percent, to close at 766.75. The index ended lower after institutions and foreign investors net sold local stocks.

The local currency closed at 1,133.10 won against the dollar, down 6.3 won from the previous session’s close.

Bond prices, which move inversely to yields, ended lower. The yield on three-year bonds gained 2.8 basis points to 1.761 percent, and the return on 10-year bonds gained 4.5 basis points to finish at 1.926 percent.


BY KO JUN-TAE, YONHAP [ko.juntae@joongang.co.kr]


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