[THE INVESTOR] South Korean stocks slipped a bit on June 30 morning in the face of lingering uncertainties surrounding global efforts to contain market volatility following the post-Brexit upheaval.
The benchmark Korea Composite Stock Price Index traded 7.01 points, or 0.36 percent, higher at 1,963.37 as of 11:20 a.m. after hitting an intraday high of 1971.54.
The local stock market rebounded this week from June 24’s 3.09 percent loss.
Trillions of dollars have been wiped out from global equity value since June 24.
To ease the fallout from Brexit, governments and central banks worldwide said they will inject liquidity into markets and consider further monetary easing steps, helping investor sentiment for now, analysts said.
The Korean stock market also got a boost from the government’s 20 trillion won (US$17.4 billion) fiscal stimulus package announced June 28, they said.
“However, investors will closely watch whether the promised policy measures can be carried out if the markets run wild,” Mirae Asset Daewoo analyst Ko Seung-hee said.
Foreigners continued to buy domestic stocks from June 27 but in small volume after offloading a combined 755 billion won from June 24-28. They bought a net 56.4 billion won stocks June 29 and bought 16.6 billion won as of 11:20 a.m. June 30.
In contrast, institutions continued to sell domestic stocks for a second straight session on June 29 after buying nearly 1 trillion won from June 22-28. They sold a net 66.3 billion won as of 11:20 a.m.
Major large-cap stocks advanced across the board.
Market bellwether Samsung Electronics rose 0.64 percent.
Leading cosmetics maker AmorePacific climbed 0.93 percent and No. 2 chipmaker SK hynix was up 1.41 percent.
Among losers, state-run utility Korea Electric Power Corp. fell 0.33 percent, top carmaker Hyundai Motor shed 1.44 percent, and
No. 1 steelmaker POSCO was down 0.99 percent.
The local currency was changing hands at 1,152.75 won against the US dollar, up 7.45 won from the previous session’s close.
(
theinvestor@heraldcorp.com)
