[THE INVESTOR] South Korean stocks continued to rise late morning July 1 on relieved investor sentiment over uncertainties surrounding Brexit.
The benchmark Korea Composite Stock Price Index gained 17.80 points, or 0.90 percent, at 1,988.09 as of 11:20 a.m.
After shedding 3.38 percent from 1,992.58 points for the two sessions through June 24 when Britain’s EU exit decision was officially announced, the KOSPI has recovered some of the loss this week to close at 1,970.35 points on June 30.
Foreigners turned into net buyers from June 29 after dumping a combined 755 billion won from Friday through Tuesday. They bought a net 460 billion won stocks June 29-30 and bought 75.7 billion won as of 11:20 a.m. July 1.
In contrast, institutions continued to sell domestic stocks for a third straight session after buying nearly 1 trillion won from June 22-28. They sold a net 77.3 billion won as of 11:20 a.m.
Major large-cap stocks advanced across the board.
Market bellwether Samsung Electronics rose 2.46 percent.
Leading cosmetics maker AmorePacific climbed 1.16 percent and No. 2 chipmaker SK hynix was up 0.62 percent.
Among losers, state-run utility Korea Electric Power Corp. fell 1.16 percent, leading chemical firm LG Chem shed 1.15 percent, and No. 1 steelmaker POSCO was down 0.25 percent.
The local currency was changing hands at 1,146.65 won against the US dollar, up 5.15 won from the previous session’s close.
(
theinvestor@heraldcorp.com)