Foreign investors extend market streak to 4 days

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Foreign investors extend market streak to 4 days

Korea’s main bourse extended its winning streak to four trading sessions, as foreign investors remained in a buying mode.
The benchmark Kospi gained 10.63 points, or 0.8 percent, to close at 1,428.58.
“The market gained momentum as foreign buying offset earlier declines prompted by retail and institutional investors’ profit-taking,” said Kim Joong-hyun, an analyst at Goodmorning Shinhan Securities.
Foreign investors bought a net 670 billion won ($718 million) worth of shares for the past five trading days, sending the market higher this month, Mr. Kim added.
Blue chips had a solid day. Samsung Electronics edged up 0.2 percent to 587,000 won ($629). LG. Philips LCD jumped 6.5 percent on optimism that its business conditions will improve in coming months. Plasma display panel maker Samsung SDI also rose 1.8 percent.
Top steelmaker Posco surged 3.6 percent to 350,000 won amid expectations it may become a takeover target for Mittal Steel Co.
Shipping shares were robust on expectations that their businesses would improve. Hyundai Merchant Marine gained 9.5 percent, Hanjin Shipping went up 5.4 percent, and Korea Line picked up 4.9 percent.
Auto shares, however, closed in negative territory. Top automaker Hyundai Motor fell 1.2 percent after its chairman Chung Mong-koo was sentenced to three years in jail on Monday for embezzlement and breach of trust. Its affiliate Kia Motors lost 0.8 percent.
Traded volume was 185.6 million shares worth 2.9 trillion won. Advancers edged decliners 441 to 318.
The secondary Kosdaq also increased for the fourth consecutive trading day.
Traded volume was 596 million shares for 1.7 trillion won. Advancers beat decliners 480 to 411.

By Yoo Jee-ho Staff Writer []
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