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Upbeat export data extends Kospi rally

Mar 15,2017
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Seoul’s main bourse continued its rally into a third session and hit a new all-time high on Tuesday.

Investor sentiment was boosted following eased political chaos in Asia’s fourth-largest economy and sound economic data. Firm export
data, coupled with sound economic reports from the United States, helped maintain an upward trend on the local stock market, analysts said.

“Investors may remain cautious ahead of the Federal Reserve’s meeting, investors may opt to buy stocks on robust export data,” said Kim Byong-yon, an analyst at NH Investment & Securities. The Fed is set to decide on a rate increase on Wednesday.

The Kospi closed at 2,133.78, up 16.19 points, or 0.76 percent, from the previous session.

Foreign investors once again fueled the uplift. Having net bought for seven straight sessions, they purchased 401.1 billion won ($348.7 million) in shares on Tuesday. On the contrary, institutional and retail investors net sold shares worth 401.6 billion won and 52.5 billion won each.

Apart from finance shares, cars were generally strong as they increased 1.1 percent. Shares related to health and broadcast slipped 1 percent and 0.9 percent each.

Market bellwether Samsung Electronics rose 1.87 percent to 2,068,000 won. Company CFO Lee Sang-hoon said to reporters Tuesday that procedures for the electronics company’s transition into a holdings company will continue as planned regardless of political issues surrounding Samsung.

This prompted uplifts among other affiliates. Samsung C&T jumped 9.09 percent to 132,000 won, and Samsung Life Insurance gained 4.59 percent to close at 114,000 won.

Hyundai Motor advanced 2.05 percent to 149,000 won alongside its auto parts affiliate Hyundai Mobis which increased 1.44 percent to close at 246,000 won.

The secondary Kosdaq snapped a four-day gaining session to close down 1.47 points, or 0.24 percent, at 614.12.

The Korean won weakened 0.4 percent to close at 1148.8 against the dollar.

Three-year and 10-year government bond yields remained hardly unchanged, both slipping one basis point to 1.76 percent and 2.29 percent each.


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