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Seoul stocks up for 2nd day on speculations of strong quarterly earnings
By YonhapPublished : July 13, 2021 - 16:08
South Korean stocks advanced for a second consecutive session Tuesday, backed by strong foreign and institutional buying that stemmed from optimism for strong corporate earnings and economic indicators for the second quarter. The Korean won rose against the US dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 24.91 points, or 0.77 percent, to close at 3,217.38 points.
Trading volume was moderate at about 1.1 billion shares worth around 13.2 trillion won ($11.5 billion), with gainers outnumbering losers 643 to 207.
Foreigners bought a net 264 billion won, and institutions purchased a net 307 billion won, while retail investors offloaded 563 billion won.
The KOSPI got off to a bullish start despite concerns about the toughened social distancing measures in the greater Seoul area.
Stocks extended their gains in the late morning as strong earnings reports by US financial giants fueled optimism for earning hikes globally and at home.
Overnight, the big-three US stock indexes set new records, with the Dow Jones Industrial Average adding 0.36 percent. The tech-heavy Nasdaq Composite and the S&P 500 also advanced 0.21 and 0.35 percent, respectively, to new highs.
China's 32 percent surge in June exports also upheld hopes of quick economic rebound from the pandemic in major economies. The United States and China are South Korea's two largest trade partners.
"There have been multiple boosters of (local) stock prices, such as the overnight US rallies and strong won, as well as high hopes of the second-quarter earnings here and China's estimate-beating exports," Daeshin Securities analyst Lee Kyung-min said.
In Seoul, market bellwether Samsung Electronics edged up 0.13 percent to 79,800 won, and No. 2 chipmaker SK hynix increased 2.5 percent to 123,000 won.
Internet portal operator Naver surged 5.38 percent to a record 441,000 won, largely as brokerages forecast robust earnings in the second quarter.
Giant pharmaceutical firm Samsung Biologics lost 0.57 percent to 865,000 won, and top automaker Hyundai Motor closed unchanged at 230,000 won.
Leading chemical firm LG Chem decreased 1.06 percent to 840,000 won, and renewable battery maker Samsung SDI advanced 2.74 percent to 750,000 won.
The local currency closed at 1,145.4 won against the US dollar, up 1.6 won from the previous session's close. (Yonhap)
The benchmark Korea Composite Stock Price Index (KOSPI) added 24.91 points, or 0.77 percent, to close at 3,217.38 points.
Trading volume was moderate at about 1.1 billion shares worth around 13.2 trillion won ($11.5 billion), with gainers outnumbering losers 643 to 207.
Foreigners bought a net 264 billion won, and institutions purchased a net 307 billion won, while retail investors offloaded 563 billion won.
The KOSPI got off to a bullish start despite concerns about the toughened social distancing measures in the greater Seoul area.
Stocks extended their gains in the late morning as strong earnings reports by US financial giants fueled optimism for earning hikes globally and at home.
Overnight, the big-three US stock indexes set new records, with the Dow Jones Industrial Average adding 0.36 percent. The tech-heavy Nasdaq Composite and the S&P 500 also advanced 0.21 and 0.35 percent, respectively, to new highs.
China's 32 percent surge in June exports also upheld hopes of quick economic rebound from the pandemic in major economies. The United States and China are South Korea's two largest trade partners.
"There have been multiple boosters of (local) stock prices, such as the overnight US rallies and strong won, as well as high hopes of the second-quarter earnings here and China's estimate-beating exports," Daeshin Securities analyst Lee Kyung-min said.
In Seoul, market bellwether Samsung Electronics edged up 0.13 percent to 79,800 won, and No. 2 chipmaker SK hynix increased 2.5 percent to 123,000 won.
Internet portal operator Naver surged 5.38 percent to a record 441,000 won, largely as brokerages forecast robust earnings in the second quarter.
Giant pharmaceutical firm Samsung Biologics lost 0.57 percent to 865,000 won, and top automaker Hyundai Motor closed unchanged at 230,000 won.
Leading chemical firm LG Chem decreased 1.06 percent to 840,000 won, and renewable battery maker Samsung SDI advanced 2.74 percent to 750,000 won.
The local currency closed at 1,145.4 won against the US dollar, up 1.6 won from the previous session's close. (Yonhap)
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