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Seoul stocks edge up on Samsung

All News 15:29 June 02, 2016

SEOUL, June 2 (Yonhap) -- South Korean stocks closed higher Thursday on the back of a rally in Samsung Electronics, but a further rise was limited as investors took to the sidelines waiting for a slew of economic data and events coming this week. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.39 points, or 0.12 percent, to close at 1,985.11. Trade volume was moderate at 461 million shares worth 5.13 trillion won (US$4.32 billion), with losers outnumbering winners 421 to 400.

The local stock market remained dull in the morning session as investors remained cautious ahead of the release of key economic data, including the U.S. jobs report for May, and the results of the European Central Bank's monetary policy meeting and a regular gathering of OPEC.

But Samsung Electronics, the country's top market cap, rose for the third consecutive day, helping the local market close higher.

"This week is full of major economic events, which will make investors remain cautious," said Kim Jin-young, an analyst at NH Investment & Securities.

Samsung Electronics shot up 2.4 percent to 1,365,000 won, on the back of continued foreign buying. Among gainers, top cosmetics maker AmorePacific advanced 1.79 percent to 426,000 won.

Naver, the operator of the country's top Internet portal, gained 1.46 percent to 697,000 won after the previous day's excessive plunge.

But the state-run Korea Electric Power Corp. dropped 0.99 percent to end at 59,800 won, and No. 1 automaker Hyundai Motor remained unchanged at 138,000 won.

Samsung C&T Corp., the de facto holding firm of Samsung Group, crashed 4.2 percent to end at 114,000 won.

KOSDAQ-listed Codes Combine Co. fell 8.67 percent to end at 51,400 won, on news that it was delisted from a FTSE index. The company has been put under surveillance by the local bourse for its volatile movement.

Hyundai Merchant Marine snapped a two-day bullish run to close at 18,050 won, up 3.14 percent.

The local currency closed at 1,186.60 won against the U.S. dollar, up 6.4 won from the previous session's close.


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