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Kospi buoyed by tech, auto shares on quiet day

Oct 01,2019
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Stocks closed higher Monday on the back of gains in tech and auto shares. The Korean won rose against the dollar.

The benchmark Kospi added 13.12 points, or 0.64 percent, to reach 2,063.05. Trading volume was slim at 318.64 million shares worth 3.6 trillion won ($3 billion), with losers outnumbering winners 478 to 349.

The index started on a weak note following Friday’s Wall Street losses, but reversed earlier falls as tech and auto stocks rebounded.

Institutions snatched up 80 billion won worth of shares, while foreigners scooped up a net 930 million won worth of stocks. Individual investors offloaded a net 89.3 billion won worth of shares on the Seoul bourse.

“Although there was no clear positive momentum in the market, the Kospi moved upward thanks to institutional buying,” said Noh Dong-kil, an analyst at NH Investment & Securities. “It especially boosted tech shares.”

Samsung Electronics jumped 1.34 percent to 49,050 won, and chipmaker SK Hynix gained 0.98 percent to reach 82,200 won.

Auto stocks were also bullish, with automaker Hyundai Motor rising 0.37 percent to 134,000 won and its sister company Kia Motors advancing 0.55 percent to 45,600 won. Auto parts maker Hyundai Mobis inched up 1.20 percent to 252,000 won.

Telecom shares ended higher. SK Telecom gained 0.84 percent to 241,500 won, but KT remained flat at 27,450 won. Their smaller rival LG U+ closed 0.74 percent higher at 13,650 won.

Naver inched up 0.64 percent at 157,000 won and Kakao remained flat at 135,500.

Pharmaceutical firms were among the losers, with Celltrion plunging 1.20 percent to 164,000 won and Samsung BioLogics dipping 1.28 percent to 307,500 won. LG Chem shed 0.66 percent to reach 299,500 won. Hanmi Pharmaceutical dropped 1.08 percent to 276,000.

Refiners were mixed. SK Innovation moved up 1.22 percent to end at 166,000 won and S-Oil dropped 0.60 percent to end at 99,400 won.

The secondary Kosdaq slipped 5.17 points, or 0.82 percent, to close at 621.76.

Cosmetics maker AmorePacific decreased 3.10 percent to 140,500.

The local currency closed at 1,196.20 won against dollar, down 3.70 won from the previous session’s close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year bonds lost 0.4 basis points to 1.297 percent, and the yield on 10-year bonds dropped 1.5 basis points to 1.68 percent.

BY KIM BYUNG-WOOK, YONHAP [kim.byungwook@joongang.co.kr]