3 days ago
Seoul Shares Rise as Bargain Hunting Offsets Market Uncertainty
South Korean stocks finished higher on Friday.
Investors bought some technology companies because their prices looked attractive.
This buying helped the market overcome worries about higher interest rates and changing oil prices.
The main stock index, called the KOSPI, rose by 0.45 percent.
Institutions bought more shares than they sold.
Foreign investors and individual investors sold shares overall.
SK hynix and several other technology-related companies gained.
The Korean won also became stronger against the U.S. dollar.
Bond prices rose as government bond yields declined.
The KOSPI rose 32.39 points, or 0.45 percent, to close at 7,003.74.
Investors bought major technology stocks despite concerns about higher interest rates and volatile oil prices.
Foreigners and individuals recorded net sales, while institutions made net purchases.
SK hynix, SK Square and Samsung Electro-Mechanics gained, while Samsung Electronics was unchanged.
The Korean won strengthened to 1,350.6 per U.S. dollar, and government bond yields fell.
- Who
- South Korean stock-market investors, including institutions, foreign investors and individuals.
- What
- The KOSPI rose 0.45 percent, while the Korean won strengthened against the U.S. dollar.
- Where
- Seoul, South Korea.
- When
- Friday, with the market closing at 3:30 p.m. for currency trading.
- Why
- Technology-stock bargain hunting and improving expectations for earnings outweighed concerns about rising interest rates and oil-price volatility.
Key facts
- KOSPI close
- 7,003.74
- Daily change
- Up 32.39 points, or 0.45 percent
- Trading value
- 15.29 trillion won, or US$11.32 billion
- Trading volume
- 227.64 million shares
- Investor flows
- Foreigners sold 143.78 billion won net; individuals sold 1.72 trillion won; institutions bought 381.38 billion won
- Currency
- The Korean won closed at 1,350.6 per U.S. dollar, up 7.8 won
- Bond yields
- The three-year Treasury yield fell 7.3 basis points to 3.937 percent, while the five-year yield fell 7.1 basis points to 4.129 percent
Quotes
Han Ji-young
Analyst at Kiwoom Securities
“The domestic stock market is surrounded by macroeconomic uncertainties, including rising interest rates and increased volatility in oil prices, but expectations for an earnings recovery are improving, providing upward momentum”
thehansindia.com
Sources
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