Foreign buying keeps boosting the Kospi

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Foreign buying keeps boosting the Kospi

Korean stocks gained 1.04 percent yesterday as global investors bought Korean shares before the release of a Federal Reserve report that may detail reasons for maintaining economic stimulus, which has fueled demand for emerging-market assets. The local currency inched up against the U.S. dollar.

The benchmark Kospi shot up 20.83 points to close at 2,031.64. Trading volume was moderate at 397.3 million shares worth 4.24 trillion won ($4.01 billion) with 426 gainers outstripping 391 decliners.

Foreign investors net bought 248.1 billion won worth of shares yesterday, which marked the second-largest amount of net purchases by foreign investors following 591.9 billion won on Oct. 23.

Institutional investors net purchased 141 billion won worth of local stocks, and insurance companies bought 51 billion won worth of shares more than they sold.

Large-cap shares rose 1.11 percent and mid-cap stocks gained 0.93 percent while small-cap shares fell 0.16 percent.

By industry, the medical appliance industry rose 5.46 percent, and electricity and gas increased 5.26 percent. Food and beverage, chemicals, transportation equipment, construction, finance and insurance all reported around 1 percent growth.

On the other hand, telecommunications fell 1.22 percent along with paper and timber. Non-metallic minerals, steel and metals also declined.

Most of the large-cap shares showed growth with market behemoth Samsung Electronics inching up 1.02 percent to finish at 1.489 million won per share. Hyundai Motor, Hyundai Mobis and Kia Motor under Hyundai Motor Group also went up 1 percent to 3 percent yesterday.

In particular, Korea Electric Power Corporation closed 6.88 percent higher to close at 31,850 won on news that electricity bills will be raised 5.4 percent by the government to curb electricity demand, which caused shortages.

On the other hand, Naver declined 1.12 percent and SK Hynix, SK Telecom and LG Electronics all fell.

The won advanced 0.2 percent to close at 1,055.78 against the dollar in Seoul after touching 1,054.90 earlier, the strongest level since Oct. 24.


BY KIM JUNG-YOON, BLOOMBERG [kjy@joongang.co.kr]

BY KIM JUNG-YOON, BLOOMBERG

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