Bourse down slightly, closes above 1,981

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Bourse down slightly, closes above 1,981

The Seoul bourse defended the 1,980 mark with difficulty as institutional investors for the third day dumped shares to profit from the net buying they made last week.

Institutional investors unloaded 40 billion won ($36 million) worth of shares yesterday while foreign investors remained net buyers, keeping the primary market from falling below 1,980.

The market earlier in the day started strong thanks to foreign investors and went up as high as 1,995. But as institutional investors increased their net selling the market went as low as 1,976.

It finally settled at 1,981.09, a 1.34 point or 0.07 percent dip from the previous day. Gainers outnumbered losers as 516 saw their value go up ,while 278 saw it drop. Seventy-five stocks were unchanged.

The tech-heavy Kosdaq gained 5.37 points or 0.95 percent to close at 572.69. The junior market has had upward momentum as foreign investors in the last four days have been buying. Institutional investors were net sellers, even on the secondary market.

Market bellwether Samsung Electronics barely moved as it retreated 0.33 percent to close at 1.49 million won. This is the second day that the world’s largest smartphone and computer chip manufacturer has seen its shares retreat. Hyundai Motor, the nation’s leading automaker and second-largest company on the Seoul bourse by market capitalization, remained unchanged at 198,500 won. Meanwhile the automaker’s main affiliate Kia Motors fell half a percentage point to close at 54,600 won.

CJ Group’s shares earlier in the day tumbled as much as 3.65 percent on news the prosecutors’ office was investigating the food and entertainment conglomerate on suspected slush funds that were accumulated overseas and spent in Korea. The flagship of the conglomerate CJ Cheiljedang was down 2 percent to close at 288,500 won.

Furniture company Borneo, where shareholders and management recently clashed, spiraled down they daily limit and closed at 1,055 won per share after news that one of the company’s two CEOs was removed.

The won appreciated 6.2 against the dollar to close at 1,110.6. Interest on three-year treasuries was down 0.01 percent from the previous day to 2.59 percent.

By Lee Ho-jeong []
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