[THE INVESTOR] Samsung Electronics and other tech shares pushed the South Korean market ahead Aug. 23, advancing shares 0.38 percent. The Korean won also recovered much lost ground against the US dollar.

The benchmark KOSPI closed at 2,049.93, gaining 7.77 points from the previous session. Trading volume was slim at 355.7 million shares, worth 4.35 trillion won (US$3.9 billion), with losers outnumbering gainers 414 to 388.

Market behemoth Samsung Electronics spiked 1.32 percent to a record high of 1,687,000 won. Samsung Electronics renewed record highs for two consecutive sessions last week before taking a breather, retreating 0.6 percent Monday.



“Samsung Electronics will likely continue its momentum for some time as it has produced better-than-anticipated second-quarter earnings and is expected to do well again in the third quarter,”

Hyundai Securities analyst Bae Sung-young said.

Institutions remained net sellers as they apparently sought to lock in on early gains.

Institutional investors dumped a net 216.9 billion won, while foreign and retail investors purchased a net 43.7 billion won and 81.1 billion won worth of local shares, respectively.

Bae noted the overall KOSPI may also continue its upward movement, as long as other shares support the rally by Samsung Electronics.

“We are not seeing any clear support from other shares, but cosmetics shares did rebound somewhat today, following a series of drops,” he said.

Cosmetics giant AmorePacific spiked 2.79 percent to 387,500 won.

Other major caps ended mixed.

Local auto industry leader Hyundai Motor advanced 0.38 percent to 132,500 won, with its smaller affiliate Kia Motors surging 1.2 percent to 42,000 won.

Global chipmaker SK hynix, on the other hand, plunged 1.11 percent to 35,600 won, while top life insurer Samsung Life Insurance tumbled 2.16 percent to 99,800 won.

The local currency closed at 1,115.6 won against the US greenback, strengthening 10.9 won from the previous session‘s close.

(theinvestor@heraldcorp.com)