Stocks up as investors await Fed and earnings
Shares ended higher Tuesday as investors await second-quarter earnings results to be released later this month. The won gained against the dollar.The benchmark Kospi rose 9.39 points, or 0.45 percent, to close at 2,091.87. Trade volume was moderate at 675 million shares worth 5.16 trillion won ($4.4 billion), with losers outnumbering gainers 418 to 380.
“Investors expect to take a positive cue from major corporate earnings results, with the Federal Reserve widely expected to cut fund rates at the end of the month,” said Suh Sang-young, an analyst at Kiwoom Securities.
Large-cap stocks were mixed across the board.
Samsung Electronics rose 0.9 percent to 46,850 won, but No. 2 chipmaker SK Hynix inched down 0.13 percent to 76,100 won. LG Electronics fell 0.43 percent to 70,000 won.
Auto shares went south. Hyundai Motor fell 3.6 percent to 133,000 won, and Kia Motors fell 1.86 percent to 42,100 won. Hyundai Mobis shed 1.7 percent to 231,500 won.
Telecom shares also ended in negative terrain. SK Telecom inched down 0.38 percent to 259,500 won, and KT lost 0.18 percent to 27,950 won. Their smaller rival LG U+ closed 0.71 percent lower at 13,900 won.
Bio shares ended mixed. Celltrion gained 2.72 percent to 188,500 won, but Samsung BioLogics fell 0.34 percent to 295,500 won. Hanmi Pharmaceutical rose 0.50 percent to 299,000 won.
Posco gained 0.6 percent to 239,500 won, and national flag carrier Korean Air climbed 1.4 percent to 28,750 won. Naver rose 1.69 percent to 120,000 won, while SK Innovation fell 0.58 percent to 171,500 won.
Kakao remained unchanged at 133,000 won, and Netmarble fell 2.24 percent to 91,700 won.
The secondary Kosdaq fell 0.37 points, or 0.05 percent, to close at 674.42.
The bio and tech-heavy index continued its loss from Monday and ended slightly lower as institutions mass offloaded local stocks to offset net purchase of individuals and foreign investors throughout the day.
The local currency closed at 1,177.60 won against the dollar, down 1.7 won from the previous session’s close.
Bond prices, which move inversely to yields, ended higher. The yield on three-year bonds fell 0.3 basis points to 1.431 percent, and the return on 10-year bonds lost 0.9 basis points to 1.573 percent.
BY KO JUN-TAE, YONHAP [ko.juntae@joongang.co.kr]
with the Korea JoongAng Daily
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