July 7, 2022


On Friday foreign investors on eased uncertainty about the US monetary policy bought local South Korean stocks leading it to rise for a third straight session.

According to an analyst at Daishin Securities Co., Lee Kyung-min, investor sentiment was exhausted by monetary tightening moves by major central banks. However, gains in financial and telecommunication shares bolstered the local Korean stock market.

Market Summary –

• On Friday trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 11.32 points, or 0.38 percent, closing at 3,017.73 points.
• Trading volume was moderate at about 438 million shares worth some 11.2 trillion won ($9.5 billion), with gainers outnumbering losers 510 to 344.
• Foreign investors bought a net 511 billion won, retail investors offloaded 524 billion won, while institutions sold a net 4 billion won.
• Stocks tracking an overnight stock plunge on Wall Street came off to a weak start on Friday.
• The Dow Jones Industrial Average downgraded 0.08 percent overnight.
• The tech-heavy Nasdaq composite in the same time shed 2.47 percent. The same can be attributed to hawkish stances by major central banks hurt investor sentiment.
• The KOSPI gained ground in the afternoon after choppy trading, being supported by foreign buying.
• South Korea’s top market company Samsung Electronics gained 0.26 percent to 78,000 won, while No. 2 chipmaker SK hynix stocks lost 1.61 percent to 122,000 won.
• The country’s internet portal operator Naver stocks withdrew 0.77 percent to 384,500 won, LG Chem stocks fell 1.13 percent to 697,000 won, and Samsung Biologics stocks fell 0.31 percent to 955,000 won.
• Kakao Group’s financial arm, Kakao Bank stocks advanced 1.27 percent to 63,900 won, while KB Financial Group stocks rose 3.18 percent to 58,400 won.
• The country’s steelmaking giant POSCO stocks grew 3 percent to 292,000 won.
• The local currency against the US dollar closed at 1,180.9 won. The amount was up 3 won from the previous session’s close.
• Bond prices closed lower; which move inversely to yields.
• The yield on three-year Treasurys has gained 0.1 basis point to 1.767 percent, and the return on the benchmark five-year government bond has been upgraded 0.2 basis point to 1.940 percent.