[THE INVESTOR] South Korean shares edged up July 15 in late morning trade on continued foreign buying.

The benchmark Korea Composite Stock Price Index rose 12.74 points, or 0.63 percent, to 2,021.51 as of 11:20 a.m.

Foreign traders purchased a net 192 billion won (US$169 million) worth of shares, while individuals and institutional investors were net sellers.

It’s boosted by external factors such as additional positive data on the U.S. economy and a global monetary easing mood, market watchers said.

The US Producer Price Index for final demand climbed 0.5 percent in June, according to the Department of Labor. The Bank of England kept interest rates on hold but hinted at a stimulus measure in August.

“That the Bank of England left the possibility open for monetary easing is not bad for the global stock market,” Han Dae-hoon, an analyst at SK Securities, said.

Most major industries were in positive terrain.

Top cap Samsung Electronics gained 1.2 percent, and leading automaker Hyundai Motor also added 1.14 percent.

Naver, the No. 1 Internet service provider, lost 2.59 percent on profit-taking after the successful debut overnight of its Japanese subsidiary Line Corp. on Wall Street.

The shares of the global chat app operator, which were priced at US$32.84 each, surged 26.6 percent to finish at $41.58.

It also went public on the Tokyo Stock Exchange on Friday, starting trade at 4,900 yen (US$46), up 48.5 percent from the initial public offering price of 3,300 yen.

South Korea’s won was trading at 1,132.95 won against the US dollar, up 4.45 won from the previous session’s close.


(theinvestor@heraldcorp.com)