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[THE INVESTOR] South Korean stocks rose slightly on Aug. 11 on the back of gains in tech stocks, extending its winning streak for a sixth consecutive session and hitting fresh yearly highs.
The benchmark KOSPI rose 4.16 points, or 0.2 percent, to close at 2,048.80. Trade volume was moderate at 342 million shares worth 4.42 trillion won (US$4 billion), with losers outnumbering gainers 419 to 370.
Trading was choppy. The market opened slightly lower and it swung between gains and losses.
As expected, the Bank of Korea kept its key interest rate unchanged at 1.25 percent, citing an assessment of the effect of previous monetary easing.
“The local stock market is undergoing a correction on profit-taking,” said Seo Sang-young, a research at Kiwoom Securities. “Given the overall circumstances, the possibility that foreigners remained net buyers of local stocks is limited.”
Foreign investors sold a net 31.2 billion won worth of local stocks, ending their five-day buying binge.
Samsung Electronics rose 1.17 percent to end at 1,559,000 won, and AmorePacific, the No. 1 cosmetics maker, rose 0.51 percent to 396,500 won.
SK hynix, a global chipmaker, rose 2.96 percent to 34,800 won.
Naver, the operator of the country’s top internet portal, rose 0.39 percent to 778,000 won.
Top automaker Hyundai Motor edged up 0.37 percent to 134,500 won, and its smaller affiliate Kia Motors rose 1.34 percent at 41,700 won.
The local currency closed at 1,099.50 won against the US dollar, down 4.1 won from the previous session’s close.
Bond prices, which move inversely to yields, closed lower. The yield on 3-year Treasurys gained 0.7 basis point to 1.222 percent and the return on the benchmark 5-year government bond added 0.8 basis point to 1.248 percent.
(theinvestor@heraldcorp.com)
The benchmark KOSPI rose 4.16 points, or 0.2 percent, to close at 2,048.80. Trade volume was moderate at 342 million shares worth 4.42 trillion won (US$4 billion), with losers outnumbering gainers 419 to 370.
Trading was choppy. The market opened slightly lower and it swung between gains and losses.
As expected, the Bank of Korea kept its key interest rate unchanged at 1.25 percent, citing an assessment of the effect of previous monetary easing.
“The local stock market is undergoing a correction on profit-taking,” said Seo Sang-young, a research at Kiwoom Securities. “Given the overall circumstances, the possibility that foreigners remained net buyers of local stocks is limited.”
Foreign investors sold a net 31.2 billion won worth of local stocks, ending their five-day buying binge.
Samsung Electronics rose 1.17 percent to end at 1,559,000 won, and AmorePacific, the No. 1 cosmetics maker, rose 0.51 percent to 396,500 won.
SK hynix, a global chipmaker, rose 2.96 percent to 34,800 won.
Naver, the operator of the country’s top internet portal, rose 0.39 percent to 778,000 won.
Top automaker Hyundai Motor edged up 0.37 percent to 134,500 won, and its smaller affiliate Kia Motors rose 1.34 percent at 41,700 won.
The local currency closed at 1,099.50 won against the US dollar, down 4.1 won from the previous session’s close.
Bond prices, which move inversely to yields, closed lower. The yield on 3-year Treasurys gained 0.7 basis point to 1.222 percent and the return on the benchmark 5-year government bond added 0.8 basis point to 1.248 percent.
(theinvestor@heraldcorp.com)
