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Market rebounds but investors still cautious

Mar 27,2019
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Korean stocks rebounded slightly from the previous day’s steep plunge Tuesday, but investors remained cautious over gloomy economic outlook, analysts said. The won depreciated against the dollar.

The benchmark Kospi added 3.94 points, or 0.18 percent, to end the session at 2,148.80. The index turned around from a nearly 2 percent loss Monday as U.S.-originated growth fears spread across the world.

Trading volume was light at 295.6 million shares worth 4.12 trillion won ($3.64 billion), with gainers beating decliners 556 to 274.

“There was some good news overnight from the United States and Europe,” said analyst Seo Sang-young from Kiwoom Securities. “Germany’s better-than-expected business sentiment helped ease growth worries, while stocks of U.S. blue chips rose on Wall Street.”

Game maker NCSoft advanced 0.52 percent to 481,000 won, and Netmarble vaulted 5.22 percent to 121,000 won. Kakao gained 1.96 percent to 104,000 won and Naver rose 0.40 percent to 126,500 won.

Cosmetics firm LG Household & Health Care increased 2.82 percent to 1,422,000 won, and Amorepacific gained 2.39 percent to finish at 192,500 won.

Auto stocks, meanwhile, closed mixed, with leading automaker Hyundai Motor losing 1.25 percent to reach 118,500 won and its sister company, Kia Motors, gaining 0.89 percent to 34,100 won. Auto parts maker Hyundai Mobis gained 1.20 percent to end the session at 210,500 won.

Leading retailer Shinsegae jumped 4.90 percent to 332,000 won, and its outlet chain, E-Mart, climbed 0.29 percent to 173,000 won.

The Kosdaq added 9.60 points, or 1.32 percent, to end the session at 736.81. The index finished higher Tuesday as foreigners purchased local stocks after seeing Nasdaq’s biotech stocks increase 0.2 percent from the previous session. Foreigners also made purchases after seeing the index fall around 2 percent the day before.

Celltrion Healthcare fell 1.44 percent to 68,300 won, and Celltrion Pharm lost 1.20 percent to 57,400 won. Viromed hiked 5.45 percent to end yesterday’s session at 286,300 won while SillaJen lost 0.74 percent to 67,300 won.

GS Home Shopping gained 0.84 percent to 179,100 won and CJ ENM gained 2.28 percent to 224,500 won.

Bond prices ended mixed. The yield on three-year bonds lost 0.7 basis points to 1.763 percent. The return on 10-year bonds gained 1.7 basis points to finish at 1.905 percent.

The won traded at 1,133.40 won against the dollar, down 0.8 won from the previous session’s close.


BY KO JUN-TAE, YONHAP [ko.juntae@joongang.co.kr]