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Seoul shares up again on foreign buying

All News 15:29 July 15, 2016

SEOUL, July 15 (Yonhap) -- South Korean shares maintained momentum on Friday, going up for a fifth consecutive day thanks to an unrelenting buying spree by foreigners. The South Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) climbed 8.49 points, or 0.42 percent, to 2,017.26.

Trade volume recorded 473.6 million shares worth 4.5 trillion won (US$3.9 billion), with decliners outnumbering advancers 410 to 382.

Foreigners net-purchased 485 billion won worth of shares, while individuals and institutional investors sold a net 189 billion and 300 billion won worth of stocks, respectively.

The KOSPI's advance was boosted by optimism on second-quarter earnings at home and external factors such as additional positive data on the U.S. economy and a global monetary easing mood, market watchers said.

The U.S. Producer Price Index (PPI) for final demand inclined 0.5 percent in June, according to the Department of Labor. The Bank of England kept interest rates on hold but hinted at a stimulus measure in August.

"That the Bank of England left the possibility open for monetary easing is not bad for the global stock market," Han Dae-hoon, an analyst at SK Securities Co., said.

Hana Financial Investment Co. analyst Kim Yong-koo said the KOSPI is expected to take a breather next week.

"The KOSPI is expected to waver between 1,970 and 2,020 next week," he said, adding investors will likely be aggressive in taking profits.

Tech, transport and financial shares were bullish.

Top cap Samsung Electronics Co. jumped 1.2 percent to 1,518,000 won and leading automaker Hyundai Motor Co. also gained 1.14 percent to 133,000 won.

Shinhan Financial Group soared 2.22 percent to 39,100 won.

Naver Corp., the No. 1 Internet service provider, lost 2.45 percent to 716,000 won on profit-taking after the impressive debut overnight of its Japanese subsidiary Line Corp. on Wall Street.

The shares of the global chat app operator, which were priced at US$32.84 each, surged 26.6 percent to finish at $41.58.

It also successfully went public on the Tokyo Stock Exchange on Friday, rising 32 percent from the initial public offering price of 3,300 yen ($31.23).

The local currency closed at 1,133.80 won against the U.S. dollar, up 3.60 won from the previous session's close.


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