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Stocks edge up as oil prices rebound

July 04,2017
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South Korean stocks finished marginally higher on Monday, aided by gains in telecom companies and automakers, but market heavyweights such as Samsung Electronics came under selling pressure on profit-taking, analysts said.

After swerving in and out of negative terrain, the benchmark Kospi rose 2.69 points, or 0.11 percent, to close at 2,394.48.

Trade volume was moderate at 298 million shares worth 4.72 trillion won ($4.12 billion), with losers outnumbering gainers 461 to 336.

The local stock market opened higher as chemical and bank stocks built up gains on a rebound in oil prices and a rosy earnings outlook.

“Although the local stock market may face a correction after a rally, it could attempt to break through the 2,400-point mark again,” said Lee Kyong-min, an analyst at Daishin Securities.

Analysts said the Kospi has risen for the seventh consecutive month, which means that a profit-taking stance may take hold among investors.

Top market cap Samsung Electronics fell 0.67 percent to end at 2,361,000 won, and SK Hynix, a major chipmaker, dropped 1.63 percent to 66,300 won on profit-taking.

In contrast, Posco, the top steelmaker, rose 2.79 percent to end at 295,000 won, and top refiner SK Innovation gained 1.58 percent to end at 161,000 won.

SK Telecom advanced 3.2 percent to end at 274,500 won and KT jumped 4.29 percent to end at 34,000 won.

Automaker Hyundai Motor rose 2.51 percent to finish at 163,500 won, and its smaller affiliate Kia Motors gained 1.31 percent to 38,700 won.

The secondary Kosdaq closed down 8.07 points, or 1.21 percent, to 660.97 on Monday due to sell-offs from institutional and foreign investors. Mechanics lost the most, falling by 3.1 percent.

Kakao and Medytox declined 2.07 percent to 99,400 won and 2.29 percent to 547,200 won, respectively. Celltrion added 0.35 percent to 115,500 won and CJ E&M added 1.19 percent to 76,700 won.

The local currency closed at 1,146.90 won against the U.S. dollar, up 2.81 won from the previous session’s close.


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