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Kospi sees its 2nd 13-session winning streak

Apr 17,2019
Stocks closed higher on Tuesday to continue a 13-day winning streak as foreign investors scooped up large-cap shares, analysts said. The won lost against the dollar.

After a choppy session, the benchmark Kospi rose 5.75 points, or 0.26 percent, to close at 2,248.63. Trade volume was heavy at 561 million shares worth 6.89 trillion won ($6.06 billion), with losers outnumbering gainers 475 to 345.

It marked the second time the Kospi has extended gains for 13 sessions in a row since setting the record between Jan. 19 and Feb. 2, 1984.

Foreigners scooped up a net 152.7 billion won. Institutions and individual investors offloaded 57.9 billion won and 91.4 billion won, respectively.

The local stock market opened higher but fell into negative territory in late morning trading as institutions dumped local stocks. The index, however, pared earlier losses in the afternoon as foreign investors turned net buyers.

“Foreigners, in particular, have continued a buying-spree since the end of last month due to reduced worries over a global economic slowdown due to a slew of economic data released by the United States and China,” said Lee Young-gon, a researcher from Hana Financial Investment.

Shares of Asiana Airlines jumped 16.07 percent to 8,450 won after shooting up the daily permissible limit of 30 percent a session earlier, as its parent group decided to sell off its flagship Asiana Airlines, the country’s No. 2 air carrier.

Shares of SK Networks, which operates Walkerhill Hotel, jumped 7.53 percent to end at 6,430 won on news that its parent group could possibly take over Asiana.

Market kingpin Samsung Electronics moved up 0.43 percent to 47,250 won, to continue a three-day winning streak. No. 2 chipmaker SK Hynix gained 0.88 percent to 80,400 won.

Auto stocks also ended bullish, with leading automaker Hyundai Motor adding 2.39 percent to reach 128,500 won and its sister company, Kia Motors, rising 2.83 percent to 41,800 won.

Auto parts maker Hyundai Mobis increased 3.45 percent to 225,000 won.

The secondary Kosdaq lost 1.73 points, or 0.23 percent, to end the Tuesday session at 765.02.

The local currency closed at 1,135.7 won against the dollar, up 2.6 won from the previous session.

Bond prices ended lower. The yield on three-year bonds gained 0.4 basis points to 1.765 percent, and the return on 10-year bonds gained 0.6 basis points to 1.932 percent.

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