Seoul stocks up again as foreign buying spree continues
Stocks closed higher Wednesday for a third consecutive session as Samsung continued to build up gains aided by foreign buying. The Korean won strengthened against the U.S. greenback.
The Kospi rose 6.17 points, or 0.27 percent, to close at 2,263.16. Trading volume was high at about 885 million shares worth some 15.3 trillion won ($12.8 billion), with gainers outnumbering losers 427 to 396.
Foreigners purchased a net 292 billion won, extending their buying streak to a fourth session. Retail investors purchased a net 51 billion won, while institutions sold off a net 338 billion won.
"As the weak dollar continues, global investors seem to have turned their eyes to non-dollar based assets, including (South Korean) stocks," said Seo Jung-hoon, an analyst at Samsung Securities.
Most large caps traded higher.
Samsung Electronics added 0.68 percent to 59,000 won, extending its winning streak to a fourth day, with chipmaker SK hynix edging up 0.12 percent to 83,200 won.
Pharmaceutical company SK Chemicals lost 8.21 percent to 268,500 won while power plant builder Doosan Heavy Industries & Construction added 9.05 percent to 10,850 won.
Untact shares also fared strong. Internet giant Naver advanced 1.39 percent to 292,000 won, with its rival Kakao up 0.61 percent to 331,500 won.
Automaker Hyundai Motor gained 1.63 percent shooting up to 125,000 won, while its affiliate Kia Motors spiked 5.17 percent to 39,650 won. Local chemical firm LG Chem slipped 0.19 percent to 527,000 won.
Leading online game developer Ncsoft gained 2.27 percent to 812,000 won, with its rival Netmarble spiking 2.35 percent to 130,500 won.
Among decliners, pharmaceutical giant Samsung Biologics lost 2.63 percent to 741,000 won, with Celltrion tumbling 5.04 percent to 301,500 won. Steelmaker Posco lost 0.25 percent to 201,500 won.
The local currency was trading at 1,193.10 won against the U.S. dollar, up 3.8 won from the previous session's close.
The secondary Kosdaq added 0.74 points, or 0.09 percent, to close at 808.59.
Bond prices, which move inversely to yields, closed higher. The yield on three-year bonds lost 0.2 basis points to 0.811 percent, while the return on the benchmark ten-year government bond lost 2.7 basis points to reach 0.58 percent.
BY CHEA SARAH, YONHAP [firstname.lastname@example.org]