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THE INVESTOR] South Korean stocks rose slightly on Oct. 17, rebounding from earlier losses on increased foreign buying. The local currency fell against the US dollar.
The benchmark KOSPI climbed 4.95 points, or 0.24 percent, to 2,027.61.
Trade volume came to 330.45 million shares worth 3.67 trillion won (US$3.23 billion), with decliners outnumbering advancers 487 to 315.
Foreigners net-purchased 291.1 billion won worth of stocks, while institutions and individuals sold a net 243.7 billion won and 45.2 billion won worth of stocks, respectively.
The KOSPI stayed largely in negative terrain in the morning session but turned positive in the afternoon, as market bellwether Samsung Electronics shifted to gains.
The KOSPI’s upswing, however, was limited by concerns about the possibility of a “hard Brexit”, a slowdown in the Chinese economy and geopolitical risks.
The United States is widely expected to jack up its policy interest rates within this year.
Analysts cited the possible impact from signs of consumer price rises in the US and other major economies.
Top market cap Samsung Electronics gained 0.82 percent to 1,590,000 won, and the state-run Korea Electric Power Corp. increased 2.52 percent to 52,900 won.
Front-running automaker Hyundai Motor remained unchanged at 133,000 won, while POSCO, a major steelmaker, rose 0.43 percent to 232,000 won.
The banking industry was bullish on a forecast of an imminent US interest rate hike, with Shinhan Financial and KB Financial jumping 1.43 percent and 1.66 percent, respectively, to 42,550 won and 39,800 won.
Hanmi Pharmaceutical lost 1.68 percent to 408,500 won after being hit by prosecutors’ full-fledged probe into its alleged insider stock trading.
The local currency closed at 1,137.95 won against the US dollar, down 5.85 won from the previous session.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys ascended 3.1 basis points to 1.350 percent and the return on the benchmark five-year government bond gained 5.5 basis points to 1.419 percent.
(
theinvestor@heraldcorp.com)
