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Kospi up thanks to institutional buying

Aug 25,2017
Seoul’s main bourse moved up on Thursday on buying by institutions and foreign investors.

The benchmark Kospi rose 9.44 points, or 0.40 percent, to close at 2,375.84 on Thursday. Trade volume was moderate at 290.54 million shares worth 4.59 trillion won ($4.07 billion), with gainers outnumbering losers 428 to 372.

Institutional investors and foreigners were the main buyers. Institutions net purchased 120.3 billion won worth of Korean stocks and foreign investors scooped up 15.7 billion won worth. Retail investors offloaded 168.2 billion won in local shares.

By sector, insurance rose 1.5 percent and energy and chemical shares went up 1.3 percent. Automobile nudged up 0.3 percent.

Market bellwether Samsung Electronics inched up 0.08 percent to close at 2,376,000 won. The tech behemoth unveiled its Galaxy Note 8 phablet in New York earlier in the day.

Chipmaker SK Hynix also edged up 0.15 percent to 68,100 won.

Thursday was the 25th anniversary of diplomatic ties between Korea and China. Investor sentiment on shares affected by Korea-China relations improved, pushing up cosmetic shares. Top cosmetic company Amore Pacific jumped 5.17 percent to 295,000 won. LG Household & Health Care, another major cosmetic company, also advanced 3.36 percent to 984,000 won.

Top battery maker LG Chem went up 2.46 percent to 375,000 won. Netmarble Games, Korea’s top mobile game publisher, jumped 8.36 percent to 155,500 won on the news that its blockbuster hit Lineage 2: Revolution became a top seller in Japan in just one day after its release.

Auto shares were mixed.

Leading steel maker Posco edged down 0.15 percent to 330,000 won and state-run energy company Korea Electric Power Corporation tumbled 0.11 percent to 43,950 won.

The secondary Kosdaq also closed higher, up 4.00 points, or 0.62 percent, to close at 647.71.

The local currency closed at 1,127.90 won against the U.S. dollar, up 3.90 won from the previous session. The return on three-year government bonds remained fixed at 1.80 percent.

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