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Kospi climbs for a second day to reach 2,471

Dec 12,2017
Seoul’s main bourse continued its two-day rally as institutional buyers scooped up local stocks worth nearly 240 billion won ($220 million) on Monday, offsetting net selling by foreigners and individuals.

The benchmark Korea Composite Stock Price Index (Kospi) rose 7.49 points, or 0.30 percent, to close at 2,471.49, sustaining the rally from the last session three days earlier. Trade volume was moderate at 237.57 million shares worth 4.536 trillion won.

Institutional investors bought stocks worth 240 billion won, while foreigners and individuals sold a combined 266 billion won worth of stocks.

Specifically, foreigners sold electronic-related stocks worth 126.4 billion won, the largest amount of net-selling by foreigners that totaled 173.7 billion won on Monday.

Large-cap stocks were mixed across the board.

Market bellwether Samsung Electronics fell 0.42 percent to 2.589 million won, while No. 2 chipmaker SK Hynix ended flat at 78,700 won. Automakers traded in negative terrain. Top carmaker Hyundai Motor declined 5.36 percent to 150,000 won due to ongoing strikes at its main domestic plants. Hyundai’s sister company Kia Motors saw its shares drop by 1.67 percent to 32,450 won.

Naver, the operator of Korea’s top Internet portal, slipped 0.48 percent to 826,000 won. Kakao, the operator of the smartphone chat app Kakao Talk, was up 1.08 percent to 140,000 won.

Major retailer Emart rose 0.39 percent to close at 258,500 won.

Domestic plays ended higher to defend the main index. Cosmetics giant AmorePacific climbed 1.72 percent to 324,500 won, and dominant tobacco company KT&G was up 3.02 percent at 119,500 won.

The local currency closed at 1,092.30 won against the U.S. dollar, up 1.0 won from the previous session’s close.

The secondary Kosdaq rose for the first time in six days, climbing 20.03 points, or 2.69 percent, to close at 764.09.

The secondary bourse had its shares see a dramatic hike that reached the 20 percent range on the back of strong buying from foreign and institutional investors.

Foreigners purchased Kosdaq stocks worth 98.8 billion won while institutions scooped up stocks worth 123.7 billion won.

Bond prices, which move inversely to yields, ended mixed. The yield on three-year bond fell 0.7 basis point to 2.087 percent, and the return on the benchmark five-year government bond rose 1.1 basis points to 2.301 percent.

BY KANG JIN-KYU, YONHAP [kang.jinkyu@joongang.co.kr]