[THE INVESTOR] South Korean shares gained for the fourth straight session on June 30 as investors went for bargain hunting following relief from Brexit concerns. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index rose 13.99 points, or 0.72 percent, to 1,970.35.
In moderate trade, 343.67 million shares worth 4.99 trillion won (US$4.3 billion) traded hands on the main bourse, with 495 stocks advancing against 297 declining.
Investors responded positively to policy steps promised by central banks and governments to pump liquidity into financial markets to minimize market volatility following the Brexit vote, analysts said.
But they still remain cautious amid speculation that foreigners may scale down their risky assets unless the promised fiscal stimulus and monetary easing plans go as planned.
“While scooping up oversold stocks, investors will closely watch whether a set of policy measures will be in place in case of heightened volatility,” NH Investment & Securities analyst Lee Jun-hee said.
Foreigners turned net buyers with a purchase of 244 billion won worth of local stocks from June 29-30 after offloading a total 755 billion won in the previous three sessions. Institutions sold a net 258 billion won on profit-taking.
Major large-cap stocks advanced across the board.
Among standout gainers, market bellwether Samsung Electronics rose 2.08 percent to 1,425,000 won, the state-run Korea Electric Power Corp. climbed 0.50 percent to 60,400 won, and No. 2 chipmaker SK hynix was up 1.89 percent to 32,400 won.
In contrast, top automaker Hyundai Motor fell 2.52 percent to 135,500 won, and top auto parts maker Hyundai Mobis declined 2.51 percent to 252,000 won.
The local currency closed at 1,151.80 won against the US dollar, up 8.40 won from the previous session‘s close.
(
theinvestor@heraldcorp.com)
