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Kospi rises 35 points on foreign investor buying

Dec 04,2018
Korean shares jumped to a six-week high on Monday, adding 35.07 points, or 1.67 percent, to reach 2,131.93 as large-cap shares across the board rose. The Korean won appreciated against the U.S. dollar.

Trading volume was heavy at 428.9 million shares worth 5.43 trillion won ($4.89 billion).

Foreign investors led the rally, scooping up a net 322.3 billion won worth of local shares, along with institutions that purchased a net 132.9 billion won. Retail investors offloaded a net 453.4 billion won.

Electronic shares rose 3.12 percent on average, the chemical industry added 3.32 percent, and construction shares advanced 2.56 percent. The steel and metal sector jumped an average of 4.25 percent, and machinery shares saw gains of 3.10 percent.

Market bellwether Samsung Electronics rose 3.35 percent to 43,250 won, and No. 2 chipmaker SK Hynix gained 1.29 percent to 70,500 won. LG Electronics added 2.62 percent to close the session at 74,400 won.

Industry leader LG Chem added 5.64 percent to 365,000 won, and Lotte Chemical jumped 5.87 percent to 288,500 won.

Leading steelmaker Posco ended 4.85 percent up to 259,500 won, and Hyundai Steel soared 6.61 percent to 45,950 won.

Builders also rose as Hyundai Engineering & Construction rose 4.91 percent to 57,700 won, and GS Engineering & Construction added 3.10 percent to 44,950 won.

Top oil refiner SK Innovation rose 3.56 percent to 203,500 won, and S-Oil advanced 4.07 percent to end at 115,000 won.

Auto industry shares also ended mostly bullish, with leading carmaker Hyundai Motor rising 1.40 percent to 108,500 won and its auto parts affiliate Hyundai Mobis climbing 0.55 percent to 181,500 won. Meanwhile, sister carmaker Kia Motors edged 0.33 percent down to 30,400 won.

The secondary Kosdaq also rose, advancing 13.70 points or 1.97 percent, to close the session at 709.46. The tech and bio-heavy index was helped by a 1.48 percent rise in the U.S. Nasdaq Biotechnology Index on Friday. Foreigners were net buyers in the junior bourse for the second consecutive session as retail investors turned net sellers after three consecutive sessions of buying.

The Korean won closed at 1,110.70 won against the greenback, down 10.50 won from the previous session.

Bond prices, which move inversely to yields, ended lower. The return on three-year bonds rose 2.7 basis points to 1.92 percent. The yield on 10-year bonds added 2.2 basis points to 2.13 percent.

BY CHAE YUN-HWAN, YONHAP [chae.yunhwan@joongang.co.kr]