Kospi ekes out a gain despite Samsung Electronics
Stocks closed higher Monday, extending the winning streak to a seventh consecutive session despite losses in Samsung Electronics. The won rose against the dollar.
The Kospi rose 2.42 points, or 0.11 percent, to close at 2,184.29. Trading volume was heavy at about 842.9 million shares worth some 12.9 trillion won ($10.7 billion), with gainers outnumbering losers 444 to 393.
Institutions sold a net 371.7 billion won, ending a five-day buying streak. Foreigners bought a net 7.4 billion won, with individuals purchasing a net 379 billion won.
The index erased most of the early morning gains as Samsung Electronics Vice Chairman Lee Jae-yong appeared in a court for questioning by a judge over whether to approve an arrest warrant.
Samsung Electronics shed 1.08 percent to close at 54,900 won, snapping a 10-session winning streak since May 25.
Other Samsung affiliate suffered losses. Leading pharmaceutical firm Samsung BioLogics slipped 0.15 percent to 664,000 won. Samsung SDS lost 0.81 percent to 183,000 won and Samsung Electro-Mechanics contracted 1.14 percent to 130,000 won.
Despite the Samsung losses, the Kopsi managed to close in positive terrain, helped by positive leads for a global economic rebound.
In Seoul, large caps traded mixed.
SK hynix rose 0.66 percent to 91,000 won. Celltrion slid 0.19 percent to 256,000 won, while chemical maker LG Chem stayed flat at 434,000 won. Hyundai Motor climbed 1.80 percent to 113,000 won, with Kia Motors up 2.46 percent to 37,450 won.
Naver surged 4.11 percent to 240,500 won, while auto part maker Hyundai Mobis dropped 0.68 percent to 217,500 won.
The local currency closed at 1,204.80 won against the U.S. dollar, down 2.30 won from the previous session's close.
The secondary Kosdaq was up 3.73 points, or 0.50 percent, to close at 753.04.
Bond prices, which move inversely to yields, closed lower. The yield on three-year bonds added 1.1 basis points to 0.904 percent, and the return on the benchmark ten-year government bond added 7.4 basis points to reach 0.90 percent.
BY KIM YEON-AH, YONHAP [firstname.lastname@example.org]