Seoul shares inched up 0.1 percent on Friday helped by gains in some technology issues including LG Display, but insurers such as Samsung Life Insurance Co Ltd extended their retreat. The Korea Composite Stock Price Index (KOSPI) ended up 0.13 percent at 1,902.29 points.
"The market continues to hover around 1,900 points in the past five sessions as buying appetite is weak at the index's current level," said Y.S. Rhoo, a market analyst at Hyundai Securities. The main KOSPI's 20-day relative strength index (RSI) was at 68, near the overbought territory mark of 70. Foreign investors picked up a net 42.5 billion won ($38.29 million) worth of stocks, while institutions offloaded a net 21 billion won.
Some technology stocks fuelled the market's upward momentum, as sentiment towards the sector was boosted by stronger-than-expected results from US peers including chipmaker Advanced Micro Devices Inc LG Electronics Inc, the world's No 2 handset maker, advanced 1.9 percent. LG Display Co Ltd, the world's No 2 flat panel maker, gained 3.6 percent, further buoyed by a positive brokerage note. Prices for computer monitor panels are expected to rise modestly by the end of October, Hyundai Securities said in a note on Friday. It also said liquid crystal display panel prices were seen hitting the bottom in the fourth quarter.
Comments
Comments are closed.