SEOUL, October 02 (AJP) - South Korea's main stock index closed back above 7,000 on Friday for the first time since before the Chuseok holiday even as foreign investors sold for a sixth straight session.
The Korea Composite Stock Price Index (KOSPI) rose 32.4 points, or 0.5 percent, to 7,003.7.
Individuals sold a net 1.72 trillion won ($1.27 billion) and foreigners 143.8 billion won ($106.5 million). Institutional investors bought 381.4 billion won ($282.4 million). The group includes pension funds, insurers and asset managers. Other corporations, which include companies buying back their own shares, took up most of the balance.
Foreigners' net sales over the six sessions now total about 9.9 trillion won ($7.3 billion).
Samsung Electronics closed flat at 276,000 won ($204.34). SK hynix edged up 0.4 percent to 1,841,000 won ($1,363.00). The pair had risen 2.8 percent and 3.2 percent respectively on Thursday.
Gains were broad rather than chip-led, with advancers outnumbering decliners 500 to 362. LG Energy Solution rose 2.9 percent to 371,000 won ($274.67), and Samsung Life Insurance gained 1.8 percent to 289,000 won ($213.96).
Samsung Biologics fell 4.5 percent to 1,354,000 won ($1,002.44), the steepest drop among the 10 largest listed companies by market value.
The main index in Seoul opened below Thursday's close and slid to 6,927.9 before climbing to finish just below its session high of 7,011.0.
The KOSDAQ, Korea's secondary market for smaller and growth companies, slipped 1.0 point from Thursday's close to 893.3, a 0.1 percent decline. It gave up an early advance a day after it jumped 4.5 percent to within reach of 900.
Alteogen, a biotech heavyweight on the KOSDAQ, fell 2.1 percent to 259,500 won ($192.12).
The Nikkei 225 in Tokyo fell 0.9 percent to 68,309.5, a drop of 647.3 points. That handed back part of the 2,203-point jump it had posted Thursday.
The won strengthened 8.8 won to 1,350.7 per dollar.
The foreign selling is fading. Net sales shrank from more than 2 trillion won ($1.5 billion) on Wednesday to Friday's 143.8 billion won, and Daishin Securities analyst Lee Kyung-min said Thursday the pressure was gradually easing.
Korean markets are closed Monday for National Foundation Day, which falls on a Saturday this year, and reopen Tuesday.
Until foreigners return as buyers, 7,000 rests on domestic money, and the line has failed to hold before. The index has closed above it in three separate stretches since late July, slipping back each time.
AJP Takeaways
- South Korea's main index closed back above 7,000 for the first time since before the Chuseok holiday, even though foreign investors were net sellers for a sixth straight session.
- Domestic money carried the move. Individuals sold 1.72 trillion won ($1.27 billion), while institutions and other corporations did the buying.
- Foreign net sales over the six sessions totaled about 9.9 trillion won ($7.3 billion) but slowed sharply. The index has slipped back after three earlier stretches above 7,000 since late July.
Tags: KOSPI, KOSDAQ, Samsung Electronics, SK hynix, LG Energy Solution, Samsung Life Insurance, Samsung Biologics, Alteogen, Nikkei 225, Daishin Securities, Lee Kyung-min, won-dollar exchange rate, foreign net selling
Copyright ⓒ Aju Press All rights reserved.
