Foreign buying nudges Kospi to 3rd new high
Korean stock markets made marginal progress yesterday, but it was still a third straight session of record highs.The main index Kospi rose 0.15 points to close at 1,470.03, the third high in three sessions.
Trading moved in a narrow range as foreign investors bought up stocks and caused a short-term jump, analysts said.
“The main index managed to rise on foreign and retail buying in late trading, despite a lack of market-moving leads,” said Han Yo-seop, an analyst at Daewoo Securities.
Lee Un-taek at Daehan Investment Management Company said, “Automobile and information technology shares failed to contribute to the rise. Insurance companies will have lower losses in the spring. They will see better numbers for the time being.”
Meanwhile, financial issues rallied, with banking and insurance shares pulling up the Kospi, enabling it to remain in the black.
Samsung Fire and Marine, the top non-life insurer, rose 3.6 percent to a 52-week high. Hyundai Fire and Marine, Samsung’s smaller rival, jumped 6.3 percent.
Machinery shares helped the rise with brisk trading.
The nation’s No. 1 power generator maker, Doosan Heavy Industries, went up 2.7 percent.
Market leader Samsung Electronics fell 1.7 percent to 583,000 won ($621) following the drop in tech shares. LG Electronics lost 1.5 percent.
Volume was 253.1 million shares worth 3.2 trillion won. Losers outpaced winners, 326 to 298.
The Kosdaq, the junior tech-heavy market, closed up 2.18 points, or 0.4 percent, to 613.01, marking eight consecutive days of gains.
In February, the index has fallen only on Feb. 12 and 13.
Volume was 661 million shares worth 1.8 trillion won. Losers beat winners, 491 to 424.
By Hwang Young-jin Staff Writer [yhwang@joongang.co.kr]
with the Korea JoongAng Daily
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