Exports help push Kospi up again for fourth straight day

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Exports help push Kospi up again for fourth straight day

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 3,207.02 points on Wednesday, up 7.75 points, or 0.24 percent, from the previous trading day. [NEWS1]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 3,207.02 points on Wednesday, up 7.75 points, or 0.24 percent, from the previous trading day. [NEWS1]

 
Stocks rose for the fourth consecutive session Wednesday as strong exports boosted investor sentiment. The won rose against the dollar.
 
The benchmark Kospi rose 7.75 points, or 0.24 percent, to close at 3,207.02 points.

 
Trading volume was moderate at about 738.27 million shares, worth some 13.29 trillion won ($11.2 billion), with gainers outnumbering losers 589 to 239.
 
Foreigners purchased a net 121 billion won worth of local shares, while retail investors offloaded a net 104 billion won. Institutional investors sold a net 31 billion won.
 
The main index started off the session lower, tracking a muted session overnight on Wall Street, but later swung to gains on robust export data.

 
Korea's exports last month jumped 35 percent on-year thanks to continued global demand for chips and autos, and extended their gains for the 10th month.
 
"Unlike the previous session, foreign buying was weaker and limited the index's gains," Daishin Securities analyst Lee Kyoung-min said. "But strong exports last month had a positive impact on investor sentiment."
 
Outbound shipments of semiconductors last month reached a record high for this year at $11.7 billion.
 
Most large caps in Seoul closed mixed.
 
Samsung Electronics inched up 0.13 percent to 76,800 won, and chipmaker SK hynix gained 1.41 percent to 108,000 won.
 
Internet portal operator Naver moved up 1.37 percent to 445,000 won, while Kakao slipped 0.65 percent to 154,000 won.
 
Pharmaceutical firm Samsung Biologics shed 0.31 percent to 962,000 won, and Celltrion fell 0.85 percent to 290,500 won.
 
Automaker Hyundai Motor climbed 1.18 percent to 215,000 won, while chemical firm LG Chem slumped 4.88 percent to 721,000 won.
 
Rechargeable battery maker Samsung SDI fell 0.63 percent to 788,000 won, while online lender KakaoBank surged 5.84 percent to 88,800 won.
 
The Kosdaq gained 7.65 points, or 0.74 percent to close at 1,045.98.
 
The local currency closed at 1,157.2 won against the dollar, down 2.3 won from the previous session's close. 
 
Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds added 2.2 basis points to 1.417 percent, and the yield on the benchmark 10-year government bond gained 2.8 basis points to 1.3 percent.
 

BY LEE TAE-HEE, YONHAP [lee.taehee2@joongang.co.kr]
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