[
THE INVESTOR] Led by foreigners’ buying spree, South Korean shares continued to rally late morning on July 13.
The benchmark Korea Composite Stock Price Index rose 12.84 points, or 0.64 percent, to 2,004.07 as of 11:20 a.m.
It reflects risk-on sentiment palpable in the global market emboldened by the virtual end of Brexit woes and renewed confidence in the US economy. Japan is preparing for another round of stimulus measures, further whetting investors’ appetite.
Investors are increasingly turning away from bonds in favor of risky assets, market watchers noted.
“Risk-on sentiment has strengthened on expectations of global monetary expansion in the wake of the Brexit (turmoil),” So Jae-yong, a stock analyst at Hana Financial Investment, said.
He also cited strong US job data.
Foreigners purchased a net 270 billion won (US$235 million) worth of stocks, while individual and institutional trader were net sellers.
Top cap Samsung Electronics rebounded 1.09 percent. A day earlier, the tech giant lost 1.68 percent, ending a three-day winning streak driven by its strong second-quarter earnings guidance.
Industry leader Hyundai Motor also gained 1.89 percent and leading steelmaker POSCO jumped 5.88 percent.
The local currency was trading at 1,145.40 won against the US dollar, up 2.6 won from the previous session’s close.
(
theinvestor@heraldcorp.com)
