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Shares spike over 1% on foreign buying, surprise over Samsung’s earnings
By Korea HeraldPublished : July 7, 2016 - 15:57
Korean stocks closed significantly higher Thursday, clearly rebounding from a dip on the previous day on an earnings surprise from tech giant Samsung Electronics. The local currency also advanced against the U.S. dollar.
The benchmark Korea Composite Stock Price Index spiked 20.96 points, or 1.07 percent, to 1,974.08. Trade volume was moderate at 374.6 million shares, worth 3.87 trillion won ($3.35 billion). Gainers outnumbered losers 607 to 208.
The sharp rise came one day after foreign investors ended their five-day buying streak, dumping some 427 billion won worth of local shares and causing the stock index to plunge 1.85 percent.
Foreigners were net buyers Thursday, however, purchasing 170.4 billion won worth of stocks. Institutions and retail investors offloaded a combined net 210.7 billion won in an apparent attempt to lock in early gains.
Investor sentiment was boosted after Samsung Electronics, the country’s top market cap, reported that its second-quarter operating profit was estimated at 8.1 trillion won, up more than 21 percent from the previous quarter. Market consensus for Samsung’s operating income was at 7.32 trillion won for the April-June period.
“Samsung’s Q2 earnings clearly helped turn the investor sentiment around, while the U.S. indicator on its service industry released yesterday suggested improving business conditions in the U.S. that led investors here to expect better exports and business performance of local companies,” Kiwoom Securities’ analyst Seo Sang-young said.
On Wednesday, the Dow Jones industrial average gained 0.44 percent to 17,918.62, while the tech-laden Nasdaq also advanced 0.75 percent to 4,859.16. Samsung Electronics spiked 2.4 percent to 1,450,000.
Most other large caps also ended in positive terrain.
Top automaker Hyundai Motor advanced 0.77 percent to 131,000 won, while its smaller affiliate Kia Motors gained 0.36 percent to 41,550 won.
Top portal operator Naver added 1.07 percent to 753,000 won, with global chipmaker SK hynix advancing 0.16 percent to 30,650 won.
The local currency closed at 1,154.60 won against the U.S. dollar, up 11.00 won from Wednesday’s close. (Yonhap)
The benchmark Korea Composite Stock Price Index spiked 20.96 points, or 1.07 percent, to 1,974.08. Trade volume was moderate at 374.6 million shares, worth 3.87 trillion won ($3.35 billion). Gainers outnumbered losers 607 to 208.
The sharp rise came one day after foreign investors ended their five-day buying streak, dumping some 427 billion won worth of local shares and causing the stock index to plunge 1.85 percent.
Foreigners were net buyers Thursday, however, purchasing 170.4 billion won worth of stocks. Institutions and retail investors offloaded a combined net 210.7 billion won in an apparent attempt to lock in early gains.
Investor sentiment was boosted after Samsung Electronics, the country’s top market cap, reported that its second-quarter operating profit was estimated at 8.1 trillion won, up more than 21 percent from the previous quarter. Market consensus for Samsung’s operating income was at 7.32 trillion won for the April-June period.
“Samsung’s Q2 earnings clearly helped turn the investor sentiment around, while the U.S. indicator on its service industry released yesterday suggested improving business conditions in the U.S. that led investors here to expect better exports and business performance of local companies,” Kiwoom Securities’ analyst Seo Sang-young said.
On Wednesday, the Dow Jones industrial average gained 0.44 percent to 17,918.62, while the tech-laden Nasdaq also advanced 0.75 percent to 4,859.16. Samsung Electronics spiked 2.4 percent to 1,450,000.
Most other large caps also ended in positive terrain.
Top automaker Hyundai Motor advanced 0.77 percent to 131,000 won, while its smaller affiliate Kia Motors gained 0.36 percent to 41,550 won.
Top portal operator Naver added 1.07 percent to 753,000 won, with global chipmaker SK hynix advancing 0.16 percent to 30,650 won.
The local currency closed at 1,154.60 won against the U.S. dollar, up 11.00 won from Wednesday’s close. (Yonhap)
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Articles by Korea Herald
