PiCK
Kospi Opens Higher on Retail Buying; Samsung Electronics Tops 300,000 Won in Regular Trading for First Time
Summary
- The Kospi was trading higher as retail investors and institutions were net buyers, while foreign investors were net sellers of 1.0288 trillion won.
- Samsung Electronics rose above the 300,000-won level in regular trading for the first time, but later fell 0.83%% on profit-taking, while Samsung Electro-Mechanics and Doosan Enerbility were each up more than 4%%.
- The Kosdaq climbed 2.85%%, with Jusung Engineering, EcoPro BM, EcoPro and biotech shares advancing, while the won-dollar exchange rate was trading around 1,506 won.
Forecast Trend Report by Period
The Kospi opened higher on May 22, led by retail buying. Samsung Electronics also topped 300,000 won in regular trading for the first time, though the stock later came under pressure from profit-taking.
As of 9:05 a.m., the Kospi was up 23.20 points, or 0.3%, at 7,838.79.
On the main board, retail and institutional investors were net buyers of 962.1 billion won and 89.6 billion won, respectively. Foreign investors were net sellers of 1.0288 trillion won.
Samsung Electronics rose to as high as 300,500 won shortly after the open, the first time it has crossed the 300,000-won mark in regular trading. The shares later reversed course and were down 0.83% as profit-taking selling emerged.
The stock first touched 300,000 won in premarket trading a day earlier. In premarket trading on May 22, it climbed as high as 303,500 won.
SK Hynix was little changed, while SK Square rose 0.59%.
Among heavyweight stocks, Samsung Electro-Mechanics and Doosan Enerbility stood out, gaining 4.07% and 4.34%, respectively.
Hyundai Motor fell 2.25%.
The Kosdaq rose 31.47 points, or 2.85%, to 1,137.44. On that market, foreign and institutional investors were net buyers of 48.8 billion won and 9.8 billion won, respectively, while retail investors sold 42.8 billion won.
All of the Kosdaq's top market-cap stocks were higher.
Jusung Engineering jumped 9.88%.
EcoPro BM gained 5.64% and EcoPro added 4.62%.
Biotech shares were also strong, with Alteogen up 3.27%, Kolon TissueGene advancing 3.3%, Samchundang Pharm rising 3.52%, HLB gaining 5.56% and ABL Bio climbing 5.55%.
In Seoul foreign-exchange trading, the won was quoted at 1,506 per dollar, down 2 won, or 0.13%, from the previous session.
U.S. stocks closed modestly higher overnight. Equities swung with developments in talks between the U.S. and Iran, but held onto gains as investors focused on lower oil prices. On May 21, the Dow Jones Industrial Average rose 276.31 points, or 0.55%, to 50,285.66, the S&P 500 gained 12.75 points, or 0.17%, to 7,445.72, and the Nasdaq Composite added 22.74 points, or 0.09%, to 26,293.10.
Han Gyeong-woo, Hankyung.com reporter, case@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
