Seoul shares reversed their earlier losses to end flat on Friday helped by gains in LG Electronics, but losses in memory chip issues such as Samsung Electronics weighed. "Program buying in large part helped markets turn around, and sentiment remains solid, though not great, " said Kim Hyoung-ryoul, a market analyst at NH Investment & Securities.
"Investors are more cautious now and are eyeing any indications as to where markets are headed...upcoming economic data will be monitored," said Kim Yong-kyun, a market analyst at Daishin Securities. The Korea Composite Stock Price Index (KOSPI) ended flat to finish at 1,620.60.
Foreign investors were buyers of Seoul stocks for a fourth consecutive session, picking up a net 36.1 billion won ($30.97 million) worth of shares, after buying their largest daily amount of shares in two months in the previous session. Memory chip makers such as Samsung Electronics declined after losses overnight in the US semiconductor index.
Samsung Electronics lost 0.53 percent and Hynix Semiconductor shed 0.52 percent. But shares in LG Electronics advanced after its recent losses. "LG Elec has been beaten lately, and has been underperforming peers. It's making a rebound," said Kim Rok-ho, an analyst at Daishin Securities.
Shares in the electronics giant ended up 2.86 percent and LG Display gained 0.63 percent. Defensive issues outperformed, with KT&G, South Korea's tobacco monopoly, rising 0.3 percent and snack maker Lotte Confectionery gaining 1.04 percent. But steel issues retreated, with POSCO, the world's No 4 steelmaker, ending down 1.94 percent, and Hyundai Steel shedding 0.24 percent.
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