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Gains on Wall Street elevate the Kospi slightly

Sept 15,2017
Seoul’s main bourse went up slightly on Thursday, pushed by overnight gains on Wall Street.

The benchmark Kospi closed at 2,377.66 Thursday, up 17.48, or 0.74 percent, compared to the previous close.

The broad index opened higher, taking a cue from overnight gains on Wall Street. On Wednesday, local time, U.S. stocks closed at fresh record highs, with the S&P 500 inching up 0.1 percent and the Dow gaining 0.2 percent.

“The local stock market closed higher on the back of Wall Street gains and a buying spree by individuals despite selling by both foreigners and institutions,” said Lee Yeong-gon, a Hana Financial Investment analyst.

Foreign investors net sold 203.6 billion won ($179.8 million) worth of shares Thursday while institutions offloaded 7.8 billion won in stock. Retail investors scooped up 191.6 billion won.

By sector, pharmaceutical shares increased 3.6 percent and electrical and electronics rose 1.3 percent.

Market bellwether Samsung Electronics climbed 1.37 percent to close at 2,515,000 won. Chipmaker SK Hynix gained 1.45 percent to 76,800 won. Naver, the nation’s portal giant, jumped 4.94 percent on Thursday to 765,000 won. Samsung Biologics, the pharmaceutical arm of Samsung, moved up 6.93 percent to close at 324,000 won. SK Innovation, an oil refiner, nudged up 1.03 percent to 196,000 won.

Automotive companies were mixed across the board.

Korea’s leading auto makers were in positive terrain with Hyundai Motor going up 2.24 percent to 137,000 won and Kia Motors edging up 1.16 percent to 30,600 won.

However, auto parts company Hyundai Mobis edged down 0.70 percent to 213,500 won.

LG Chem, Korea’s top battery maker, inched down 0.12 percent to 407,000 won and steelmaker Posco fell 2.85 percent to 323,500 won. Leading telecommunication provider SK Telecom retreated 2.81 percent to 242,000 won. Lotte Chemical slipped 1.33 percent to 408,500 won.

The secondary Kosdaq also closed higher on Thursday, up 6.32 points, or 0.96 percent, to close at 665.41.

Top market cap Celltrion, a pharmaceutical company, went up 2.75 percent to 119,500 won. CJ E&M, CJ’s entertainment unit, shed 1.41 percent to 76,900 won.

The local currency closed at 1,132.60 won against the U.S. dollar, down 4.10 won from Wednesday’s close.

The yields on three-year and 10-year government bonds remained unchanged at 1.74 percent and 2.24 percent.

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