Kospi Reverses Higher, Climbs 1.5% to Retake 7,700

Source

Korea Economic Daily

Summary

The Kospi index reversed higher in intraday trading, rising more than 1%% to reclaim the 7,700 level.
On the Kospi market, individual investors and institutions were net buyers, while foreign investors were large net sellers.
Samsung Electronics and SK Hynix, along with Hyundai Motor, Samsung Electro-Mechanics, SK Square, Kia and HD Hyundai Heavy Industries, were trading higher.

Forecast Trend Report by Period

Samsung Electronics, SK Hynix Reverse Lower

South Korea’s Kospi index reversed gains in intraday trading after slumping to the 7,400 level, reclaiming the 7,700 mark as semiconductor shares pared steep early losses.

As of 10:50 a.m. on May 13, the Kospi was up 115.34 points, or 1.51%, at 7,758.49 from the previous session. The benchmark opened down more than 1% before trimming losses and turning positive.

At that time, individuals and institutions were net buyers of 2.0839 trillion won and 468.8 billion won, respectively, on the Kospi market. Foreign investors were net sellers of 2.7024 trillion won.

Among the market’s biggest companies, trading was mixed. Samsung Electronics rose 0.81% from the previous session to 281,250 won after falling as low as 262,000 won earlier. SK Hynix gained 4.31% to 1.914 million won after dropping to 1.779 million won at one point.

Hyundai Motor climbed 7.28%, Samsung Electro-Mechanics added 5.95%, SK Square rose 3.11%, Kia advanced 2.67% and HD Hyundai Heavy Industries gained 2.40%. Doosan Enerbility fell 2.95%, Samsung C&T slipped 2.64% and LG Energy Solution lost 1.02%.

The Kosdaq index swung between gains and losses. As of 10:50 a.m., it was down 0.23 point, or 0.02%, at 1,179.06. On the Kosdaq market, foreign investors were net sellers of 447.2 billion won, while individuals and institutions were net buyers of 409.0 billion won and 38.1 billion won, respectively.

Lee Su, Hankyung.com reporter, 2su@hankyung.com