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Kospi inches up despite Samsung losses

Aug 26,2017
Seoul’s main bourse closed slightly higher on Friday, pushed up by institutional purchasing of local stocks.

The benchmark Kospi closed at 2,378.51, up 2.67 points, or 0.11 percent, from the previous session.

Institutions were the main buyers as they scooped up 171.1 billion won ($151.6 million) in the stock market. Retail investors were the main seller, offloading 164.3 billion won. Foreigners net sold 28.7 billion won in Korean stocks.

By sector, banking rose by 2.7 percent and securities and steel each gained 1.4 and 1.0 percent.

Market heavyweight Samsung Electronics tumbled 1.05 percent on Friday to close at 2,351,000 won. The share price of the tech giant fluctuated throughout the session but just before the market’s close, the Seoul Central District Court sentenced de factor leader Lee Jae-yong to five years in prison.

Top battery maker LG Chem also fell, down 1.73 percent to 368,500 won. Leading telecommunication provider SK Telecom also retreated 0.95 percent to 261,000 won and top cosmetic company Amore Pacific slipped 1.36 percent to 291,000 won.

Netmarble Games, whose share price jumped over 8 percent during the previous session after Lineage 2: Revolution became a top selling game in Japan just one day after its release, retreated 3.54 percent to close at 150,000 won.

Hyundai Motor inched up 0.70 percent to 144,500 won. Its sister company Kia Motors also gained 1.58 percent to 35,350 won and affiliate auto parts maker Hyundai Mobis edged up 0.20 percent to 252,500.

Leading steel maker Posco moved up 1.36 percent to 334,500 won and state-run energy company Korea Electric Power Corporation nudged up 0.68 percent to 44,250 won.

The secondary Kosdaq rose for a second straight day, up 2.56 points, or 0.40 percent, to close at 650.27 on Friday. Top market cap Celltrion, a pharmaceutical company, fell 0.44 percent to 114,000 won.

Bond prices, which move inversely to yields, ended higher. The yield on three-year bonds fell 4.6 basis points to 1.755 percent and the return on the benchmark five-year bond declined 3.8 basis points to 1.960 percent.

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