+ A

Foreign investors nudge local exchange

Mar 11,2017
Seoul’s main bourse was almost flat on Friday after the Constitutional Court voted unanimously to remove President Park Geun-hye from office.

“With the Constitutional Court’s ruling, some political uncertainties have been cleared,” said Yoon Young-kyo, an analyst at Cape Investment & Securities. “That’s positive for the market.”

Analysts said market sentiment may improve on expectations that the next government would roll out a set of economy-boosting measures. They said investors will increasingly pay attention to the Fed’s meeting slated for next week, with the U.S. bank widely expected to raise rates.

The Kospi closed at 2,097.35, up 6.29 points, or 0.3 percent.

Foreign investors were the biggest contributors to the uplift, as they purchased 160.1 billion won is Korean stocks. Retail investors followed to net buy 56.9 billion won. Institutional investors net sold 277.9 billion won.

By sector, broadcast and communications gained 1.5 percent and semiconductors 1.4 percent. Banks rose 1.1 percent while securities grew 0.9 percent.

Samsung Electronics fell 0.05 percent to close at 2,009,000 won. Steelmaker Posco retreated 1.05 percent to 283,000 won, LG Chem lost 1.1 percent to end at 266,500 won and KT&G slipped 0.98 percent to 101,500 won.

Chipmaker SK Hynix strengthened 2.5 percent to 49,200 won. Its parent company SK rose 2.53 percent to 223,000 won. LG Group gained 2.29 percent to 62,600 won. Game company NCSoft advanced 3.02 percent to 290,000 won.

The secondary Kosdaq was also strong on Friday, closing up 6.13 points, or 1.01 percent to close at 612.26. Celltrion slipped 0.5 percent to 98,700 won. Kakao, on the other hand, increased 3.02 percent to 85,300 won. CJ E&M jumped 4.21 percent to 79,200 won and Medytox climbed 0.57 percent to 409,300 won.

The Korean won strengthened 0.1 percent to 1,157.4 against the dollar.

Government bond yields remained largely unchanged with the three-year yield down one basis point to 1.78 point whereas the ten-year yield was the same as last year, at 2.32 percent.

BY SONG KYOUNG-SON, YONHAP [song.kyoungson@joongang.co.kr]