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Seoul stocks snap 3-day losing streak on bargain hunting, recovery hopes
By YonhapPublished : July 12, 2021 - 16:02
South Korean stocks rebounded to snap a three-day losing streak Monday as investors sought to buy oversold stocks after the benchmark index took a breather the previous session amid escalating virus concerns. The Korean won rose against the US dollar.
The benchmark Korea Composite Stock Price Index (Kospi) advanced 28.52 points, or 0.89 percent, to close at 3,246.47 points.
Trading volume was light at about 1.1 billion shares worth some 11.1 trillion won ($9.7 billion), with gainers outnumbering losers 707 to 168.
Foreigners bought a net 220 billion won, while retail investors sold 228 billion won. Institutions purchased a net 36 billion won.
Stocks started strong after the Kospi retreated 2.64 percent in the past three sessions amid rising concerns over the fourth wave of the pandemic in the country.
Stocks remained in positive terrain throughout the session on foreign buying, backed by market optimism that second-quarter corporate earnings would be better than expected amid signs of an economic recovery at home and abroad.
"Investors' appetite for bottom-fishing has increased in the overall Asian stock markets," Mirae Asset Securities analyst Seo Sang-young said.
"They seem to be relieved by the US Fed's confidence about the economic recovery," he added.
But investors remain wary of the worsening virus situation here as the greater Seoul area is under the strongest level of virus curbs. The country's daily COVID-19 infections topped 1,000 for the sixth consecutive day, and non-Seoul areas are reporting more cases.
Most large caps closed higher in Seoul.
Market kingpin Samsung Electronics advanced 0.38 percent to 79,700 won, and No. 2 chipmaker SK hynix added 0.42 percent to 120,000 won.
Internet portal operator Naver increased 0.72 percent to 418,500 won, and pharmaceutical giant Samsung Biologics climbed 1.52 percent to 870,000 won.
Top automaker Hyundai Motor gained 1.77 percent to 230,000 won, and leading chemical firm LG Chem grew 1.92 percent to 849,000 won.
The local currency closed at 1,147 won to the US dollar, up 2.1 won from the previous session's close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.9 basis point to 1.384 percent, and the return on the benchmark five-year government bond added 0.4 basis point to 1.688 percent. (Yonhap)
The benchmark Korea Composite Stock Price Index (Kospi) advanced 28.52 points, or 0.89 percent, to close at 3,246.47 points.
Trading volume was light at about 1.1 billion shares worth some 11.1 trillion won ($9.7 billion), with gainers outnumbering losers 707 to 168.
Foreigners bought a net 220 billion won, while retail investors sold 228 billion won. Institutions purchased a net 36 billion won.
Stocks started strong after the Kospi retreated 2.64 percent in the past three sessions amid rising concerns over the fourth wave of the pandemic in the country.
Stocks remained in positive terrain throughout the session on foreign buying, backed by market optimism that second-quarter corporate earnings would be better than expected amid signs of an economic recovery at home and abroad.
"Investors' appetite for bottom-fishing has increased in the overall Asian stock markets," Mirae Asset Securities analyst Seo Sang-young said.
"They seem to be relieved by the US Fed's confidence about the economic recovery," he added.
But investors remain wary of the worsening virus situation here as the greater Seoul area is under the strongest level of virus curbs. The country's daily COVID-19 infections topped 1,000 for the sixth consecutive day, and non-Seoul areas are reporting more cases.
Most large caps closed higher in Seoul.
Market kingpin Samsung Electronics advanced 0.38 percent to 79,700 won, and No. 2 chipmaker SK hynix added 0.42 percent to 120,000 won.
Internet portal operator Naver increased 0.72 percent to 418,500 won, and pharmaceutical giant Samsung Biologics climbed 1.52 percent to 870,000 won.
Top automaker Hyundai Motor gained 1.77 percent to 230,000 won, and leading chemical firm LG Chem grew 1.92 percent to 849,000 won.
The local currency closed at 1,147 won to the US dollar, up 2.1 won from the previous session's close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.9 basis point to 1.384 percent, and the return on the benchmark five-year government bond added 0.4 basis point to 1.688 percent. (Yonhap)
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