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Stocks inch up on news of Samsung Everland IPO

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Published : 2014-06-03 21:07
Updated : 2014-06-03 21:07

South Korean stocks finished 0.33 percent higher to reverse an earlier choppy session Tuesday as investor sentiment was buoyed on news of Samsung Everland’s plans to go public in the first quarter of next year. The South Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index finished at 2,008.56, up 6.56 points from Monday’s close after moving in a tight range. Trading volume was moderate at 241.84 million shares worth 4.49 trillion won ($4.38 billion), with decliners bypassing advancers 487 to 336, with 64 staying pat.

The gains marked the second day in a row that the KOSPI rose.

The market closes on Wednesday for local elections.

Foreign investors ended the day as net buyers after earlier shedding shares, marking the 17th straight trading session they bought more shares than they sold. Private investors also bought more shares, while institutions offloaded their holdings.

Besides tech shares, chemicals did well, with most Samsung-related stocks rising during the trading session.

“The market was swayed by the Samsung Everland IPO announcement that overshadowed other developments,” said Bae Sung-young, an analyst at Hyundai Securities.

Everland, which owns an amusement park outside of Seoul, is the de facto holding company of Samsung Group, South Korea’s largest family-run conglomerate.

In addition to the initial public offering, some watchers said the local bourse received a boost on better-than-expected economic data from the United States and China.

Tech giant Samsung Electronics, the flagship company of Samsung Group, jumped 1.03 percent to 1.47 million won per share.

Other Samsung affiliates such as Samsung C&T Corporation and Samsung Fire & Marine Insurance rose 4.66 percent and 1.35 percent, respectively.

Stock prices of KCC, a precision chemical company, and one of the largest shareholders of Samsung Everland, surged 10.92 percent to 660,000 won.

Global appliance manufacturer LG Electronics gained 1.60 percent to 76,300 won, with memory chip giant SK hynix edging down 0.11 percent to 44,650 won.

Shares of LG Chem, one of the largest producers of high density batteries, rose 0.75 percent to 267,500 won.

The country’s No. 1 carmaker Hyundai Motor added 0.22 percent to 227,000 won, while its smaller affiliate Kia Motors surrendered 1.03 percent.

Stocks of top steelmaker POSCO sank 1.70 percent to 289,000 won, while leading shipbuilder Hyundai Heavy Industries remained flat.

The local currency ended at 1,023.1 won to the U.S. dollar, up 1 won from the previous session. (Yonhap)

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