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Kospi stays flat before earnings reports

July 07,2017
Seoul’s main bourse barely moved on Thursday, while investors took a wait-and-see approach with Samsung Electronics slated to announce its quarterly earnings today.

The benchmark Kospi closed at 2,387.81, up 0.54 points, or 0.02 percent, compared to the previous session.

Foreign investors scooped up shares worth 217.5 billion won ($188.6 million) while retail investors net purchased 128.2 billion won in Korean stocks. Institutional investors, on the other hand, offloaded 399.2 billion won due to the weak performance of the overall Asian market.

“Overnight falls in global oil prices are causing worries that the market will undergo expanded volatility,” said Kim Byong-yeon, an analyst at NH Investment & Securities.

By sector, communications fell 1.6 percent and securities retreated 1.2 percent. Transportation also inched down 0.7 percent.

Market heavyweight Samsung Electronics added 1.01 percent to 2,403,000 won. Thursday was the first time in seven trading days that the share price of the tech giant surpassed 2,400,000 won. Chipmaker SK Hynix edged up 0.15 percent to 68,100 won.

State-run energy company Korea Electric Power Corporation pushed up 0.24 percent to 42,100 won.

NCSOFT jumped 4.25 percent to close at 405,000 won after the company announced it will add a trading system to the recently released game Lineage M.

Automotive shares were mixed across the board. While auto part producer Hyundai Mobis inched up 0.20 percent to 248,500 won, top auto maker Hyundai Motor edged down 0.32 percent to 155,500 won. Sister company Kia Motors also shed 0.79 percent to 37,700 won.

Portal giant Naver shed 1.20 percent to 825,000 won. Top battery maker LG Chem slipped 0.34 percent to 290,000 won. Home appliance producer LG Electronics plummeted 3.50 percent to 77,100 won after some local securities firms lowered their projection on the company’s second quarter earnings.

The secondary Kosdaq rose 2.25 points, or 0.34 percent, to close at 663.79

The local currency closed at 1,157.40 won against the U.S. dollar, down 6.9 won from the previous session’s close.

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