External buyers bring a rebound to Kospi

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External buyers bring a rebound to Kospi

Korean shares rebounded above the 1,920 mark thanks to foreigners who returned to a buying spree after five days of selling. They came back to the Korean market after comforting U.S. jobs data was released the night before. Local institutional and retail investors were net sellers.

The benchmark Kospi inched up 0.77 percent, or 14.61 points, to close at 1,922.5 yesterday.

Samsung Electronics was up 1.27 percent to 1,275,000 won ($1,186.8). LG Electronics dropped 2.55 percent to 61,200 won. SK Hynix rose 1.81 percent to 39,300 won.

Auto shares enjoyed a float. Hyundai Motor was up 1.77 percent to 230,500 won, while Kia Motors was up 0.56 percent to 54,000 won. Hyundai Mobis, its auto parts arm, was also up 1.14 percent to 309,500 won.

Posco slipped 0.52 percent to 286,500 won. Hyundai Steel was slightly up 0.27 percent to 75,100 won.

Naver, the nation’s largest Web portal, gained 1.62 percent to 751,000 won. Daum also inched up 0.51 percent to 79,200 won.

GS E&C plummeted 14.91 percent to 29,400 won. According to news reports yesterday, the company is considering issuing extra stock to recover from last year’s earnings shock. Daelim Industrial was up 1.4 percent to 87,100 won.

Hyundai Merchant Marine was up 1.08 percent to 14,100 won, despite North Korea’s threat on Wednesday to cancel the scheduled reunions of war-separated families. Hanjin Shipping was down 1.77 percent to 6,650 won.

Korea Electric Power jumped 4.24 percent to 36,850 won. Foreigners were the main buyers. Industry analysts expect the state-run company will show stronger earnings due to electricity price hikes last year.

The Korean won rose to its highest level in one and a half weeks yesterday, tracking gains in the local stock market because lower-than-expected U.S. jobless claims eased concerns over global growth prospects.

The local currency stood at 1,074.3 against the dollar at the end of onshore trade, up 0.4 percent from Thursday’s domestic close at 1,079.0. The won reached 1,073.3 during the session, its highest since Jan. 29. On a weekly basis, the won slipped 0.4 percent.


BY KIM JI-YOON, REUTERS [jiyoon.kim@joongang.co.kr]

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