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Seoul stocks finish at yet another record high

Oct 25,2017
Korean stocks finished at a record high Tuesday as institutions and individuals scooped up market heavyweights on earnings expectations, analysts said.

The benchmark Kospi edged up 0.44 point, or 0.02 percent, to close at 2,490.49. The gain was bolstered by robust third-quarter earnings expectations, with a slew of major firms set to release their business performances this week for the July-September period.

Trade volume was moderate at 229.39 million shares worth 4.56 trillion won ($4.04 billion), with advancers outnumbering decliners 482 to 317.

Institutions and individuals bought a combined 95 billion won. But foreigners sold a net 100.2 billion won worth of stocks, keeping the main index from rising further.

A large sell-off in the tech sector on Wall Street overnight also affected Seoul tech stocks.

Market bellwether Samsung Electronics fell 0.48 percent to 2,702,000 won, while No. 2 chipmaker SK Hynix declined 3.42 percent to 81,800 won.

Top carmaker Hyundai Motor shed 0.33 percent to 151,000 won on profit-taking ahead of its earnings release Thursday.

By sector, banks were strong on Tuesday, advancing 2.5 percent. The construction industry rose 1.9 percent while textiles and clothing went up 1.2 percent.

Hana Financial Group advanced 3.94 percent to 48,750 won. Shinhan Financial Group and KB Financial Group each added 0.8 percent to 50,600 won and 0.52 percent to 57,700 won.

Cosmetics companies gained as well. Industry giant AmorePacific rose 3.91 percent to 292,000 won, and LG Household & Health Care jumped 6.5 percent to a record high of 1,131,000 won. Netmarble Games increased 3.51 percent to 177,000 won.

The secondary Kosdaq closed at 687.21, up 11.35 points, or 1.68 percent from Monday.

Institutional and foreign investors led the uplift and most top gainers in the list by market cap closed in positive terrain. Celltrion advanced 7.07 percent to 190,900 won while subsidiary Celltrion Healthcare added 4.95 percent to 63,600 won.

CJ E&M slipped 0.61 percent to 82,100 won.

The local currency was 1,127.4 won against the dollar, strengthening 0.3 percent from the previous session’s close.

The yield on three-year government bonds rose three basis points to 2.06 percent while the return on the 10-year bonds remained largely unchanged at 2.46 percent.

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