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Seoul shares up 0.34 pct on techs, shipbuilders

South Korean shipbuilders Stocks

South Korean stocks closed 0.34 percent higher Tuesday on gains in techs and shipbuilders, analysts said, with investors sitting on the sidelines ahead of the release of the U.S. Fed minutes. The South Korean won fell against the greenback.The benchmark Korea Composite Stock Price Index (KOSPI) added 7.13 points to 2,120.85. Trading volume was moderate at 411.26 million shares worth 5.68 trillion won (US$5.22 billion), with gainers outpacing losers 403 to 396.

“Shipbuilder and tech stocks fueled the advance amid a lack of market-moving leads,” said Lim Noh-joong, an analyst at I’M Investment & Securities Co.

The overall market sentiment was dull, however, as investors took a wait-and-see stance on the Federal Open Market Committee’s April minutes, which may point to guidelines of the U.S. rate policy. The minutes are slated to be revealed later this week.

Foreigners bought a net 78.2 million won, while retail investors scooped up a net 86.6 billion won. Institutions sold more shares than they bought at a net 168.2 billion won.

Tech shares led the gain, with Samsung Electronics adding 1.36 percent to 1,338,000 won and SK hynix climbing 1.43 percent to 46,100 won. Panel maker LG Display added 0.84 percent to 30,100 won.

Shipbuilders also finished bullish, with industry leader Hyundai Heavy Industries jumping 8.14 percent to 139,500 won and Samsung Heavy Industries increasing 1.41 percent to 17,950.

Carmakers, in contrast, closed mixed, with top player Hyundai Motor closing unchanged at 162,500 won, when its sister Kia Motors added 0.93 percent to 48,600 won. Top auto parts maker Hyundai Mobis shed 0.44 percent to 226,000 won.

Mobile carriers also lost ground, with SK Telecom falling 1.58 percent to 248,500 won and KT losing 1.15 percent to 30,100 won. LG Uplus, the smallest carrier, added 0.2 percent to 9,840 won.

The local currency ended at 1,088.10 won against the greenback, down 2.50 won from Monday’s close.

Bond prices, which move inversely to yields, ended lower. The yield on three-year Treasurys added 1.4 basis points to 1.903 percent, and the return on the benchmark five-year government bonds moved up 2.0 basis points to 2.150 percent. (Yonhap)

The Original Posted by The Korea Times 

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