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Market rebounds on China sentiment

June 24,2017
Seoul’s main bourse ended higher on Friday, as Korea’s relationship with China showed signs of recovery.

The benchmark Kospi rose 8.23 points, or 0.35 percent, to close at 2,378.60.

Foreign and retail investors were main sellers of local stocks as they offloaded 19.4 billion won ($17.01 million) and 35.1 billion won each. Institutional investors scooped up 4.3 billion won in Korean stocks.

By sector, IT software rose 4.3 percent. Securities climbed 2.1 percent and semiconductors gained 1.5 percent.

Market bellwether Samsung Electronics shed 0.71 percent to close at 2,381,000 won. SK Telecom tumbled 1.9 percent to 258,000 won while LG Chem slipped 1.22 percent to 283,500 won.

Automotive shares were mixed. While auto parts manufacturer Hyundai Mobis fell 0.39 percent to 257,000 won, Hyundai Motor advanced 1.55 percent to 164,000 won. Sister company Kia Motors inched up 1.44 percent to 38,850 won.

Naver added 0.8 percent to 887,000 won.

AmorePacific grew 3.41 percent to 318,500 won as investor sentiment improved after the administration hinted at its intention to resolve the Thaad-related dispute with China.

Samsung BioLogics jumped 4.62 percent as bio-related shares remained strong in the United States.

Online game developer NCsoft skyrocketed 11.78 percent on Friday to close at 389,000 won, recovering from a fall of nearly 12 percent earlier in the week. The company’s shares fluctuated all week, affected by response to the new mobile game Lineage M. Netmarble Games, developer of Lineage II: Revolution, rose 1.32 percent to 153,500 won after Revolution’s debut overseas. Revolution becoming the top grossing app in six countries by Wednesday.

The secondary Kosdaq closed at 668.93, up 5.65 points, or 0.85 percent from the previous trading day.

The local currency closed at 1,138.80 won against the U.S. dollar, up 2.10 won.

The yield on three-year government bond dropped one basis point to 1.69 percent on Friday. The return on 10-year bond fell one basis point to 2.13 percent.

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