The Korea Herald

피터빈트

Korean shares close higher on tech gains

By 임정요

Published : Aug. 23, 2016 - 16:21

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South Korean shares advanced 0.38 percent Tuesday, partly aided by gains in top cap Samsung Electronics and other tech shares. The local currency sharply gained ground against the US dollar.

The benchmark Korea Composite Stock Price Index 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 ($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 and retreating 0.60 percent on 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 foreigners 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 1.20 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 1,115.60 won against the US greenback, up 10.90 won from the previous session's close. (Yonhap)