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Institutions, investors abroad lift bourse

Mar 08,2017
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Seoul’s main bourse rose Tuesday on the back of purchases by foreign and institutional investors.

The benchmark Kopsi added 12.69 points, or 0.61 percent, to close at 2,094.05, countering unfavorable market conditions including continuous economic retaliation by Beijing.

Analysts explained that gains in shipbuilder and chemical stocks helped the broad market take a turn on hopes for improved earnings.

“An improvement in economic conditions coupled with merits for undervalued stocks, are helping boost market sentiment,” said Kim Sung-hwan, an analyst at Bookook Securities.

Foreign investors scooped up shares worth 96.6 billion won ($84.1 million) while institutional investors net purchased 96.4 billion won in local stocks. Retail investors offloaded 246 billion won in stocks.

Market bellwether Samsung Electronics topped its record high and closed at 2,010,000 won, up 0.30 percent. Samsung C&T, the de facto holding company of Samsung, climbed 1.67 percent to 121,500 won and LG Chemicals added 0.54 percent to 277,000 won. Cosmetics giant AmorePacific, whose share price went from 307,500 won on Feb. 24 to 251,500 won on Mar. 3 due to continuous China’s backlash, recovered slightly, rising 1.73 percent to 264,500 won Tuesday.

While Kia Motors inched up 0.41 percent to 36,700 won, Hyundai Motor shed 0.69 percent to 144,000 won. Chipmaker SK Hynix dropped 1.11 percent to 48,800 won and Naver, the nation’s portal giant, declined 0.12 percent to 799,000 won.

The secondary Kosdaq also gained Tuesday, climbing 2 points, or 0.33 percent, to 606.05.

Kakao, the messenger application provider, slipped 0.12 percent to 83,700 won and pharmaceutical company Medytox lost 1.38 percent to 406,000 won. CJ E&M, CJ’s entertainment unit, advanced 0.81 percent to 74,800 won.

The Korean won went up 11.9 won against the U.S. dollar to close 1,146.1 won.

The yield on three-year government bonds rose four basis points to 1.78 percent and 10-year treasury bonds increased five basis points to 2.31 percent.


BY CHOI HYUNG-JO, YONHAP [choi.hyungjo@joongang.co.kr]