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Local stocks ride rosy global sentiment

Apr 22,2017
Seoul’s main bourse rose on Friday on purchases from foreign investors. This was the first time the Kospi closed above 2,150 in nine sessions. The index climbed for two straight sessions on eased investor concerns following the U.S. decision not to designate Korea a currency manipulator.

The positive sentiment was also shared by global stock markets as U.S. stocks advanced on rosy expectations regarding Trump’s tax reform. Global investors are awaiting the French presidential election next week.

The Kospi closed at 2,165.04, up 15.89 points, or 0.74 percent from the previous session. Trade volume was moderate at 274.59 million shares worth 4.63 trillion won ($4.1 billion).

Foreign investors net bought 241.4 billion in Korean stock, followed by institutional investors with 90.8 billion won. Retail investors shed 313.3 billion won.

Most blue-chip stocks advanced, with tech, steel and defensive stocks leading gains.

Market bellwether Samsung Electronics climbed 1.19 percent to 2,038,000 won. Chipmaker SK Hynix added 1.17 percent to 52,000 won, its highest closing price since early February.

Cosmetics companies saw positive gains: AmorePacific strengthened by 3.59 percent to 317,500 won and LG Household and Health Care increased 3.53 percent to 881,000 won.

Hyundai Motor remained unchanged at 141,500 won while affiliate Kia Motors slipped 0.14 percent to 34,850 won. Game developer NCSoft lost 3 percent to 355,500 won. Refiner S-Oil fell 1.03 percent to 96,100 won.

The secondary Kosdaq was stagnant at 634.96, down 0.84 points or 0.13 percent from the previous session. Institutional investors net sold the most shares.

Celltrion lost 0.99 percent to 90,300 won and Kakao slipped 0.88 percent to 90,000 won. Medytox remained largely unchanged, down 0.02 percent to 499,900 won. CJ E&M closed up 3.24 percent to 86,000 won.

The Korean won strengthened 0.5 percent to close at 1134.4 against the dollar on Friday. The three-year government bond yield rose one basis point to 1.68 percent and the 10-year yield up two basis points to 2.17 percent.

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