Stock Trading and Other Things

Retail investors sell but foreigners buy

Summary: Korean stocks closed almost unchanged yesterday as local investors cashed in on recent gains to offset continued foreign buying analysts said The local currency lost ground against the U S dollar Ending a four day positive run the benchmark Kospi index shed only 0 35 points or 0 02 percent to 1 878 94 Trading volume was moderate at 332 8 million shares worth 6 2 trillion won $5 5 billion with winners outnumbering losers 421 to 390 Foreign investors the major buying force continued their buying spree extending their net purchasing streak for a 15th consecutive session despite substantial overnight losses on Wall Street Strong gains in financial and power shares were narrowly offset by broad based profit taking as investors took a breather after the recent bull run said Kwak Joong bo an analyst at Samsung Securities Chemicals led the decline Top chemicals maker LG Chem tumbled 2 47 percent to 316 500 won with OCI the top producer of solar power panel components also slumped 5 76 percent to 311 000 won Key domestic oriented companies continued to gain ground as investors shifted attention to banking and electricity firms which had benefitted less from the rally in big cap exporters Shinhan Financial Group the third biggest banking group by assets surged 2 57 percent to 47 850 while Woori Finance Holdings finished up 1 7 percent to 14 950 won Korea Exchange Bank fell 1 06 percent to 13 950 won on reports that ANZ Bank the likely buyer of a controlling stake in Korea Exchange Bank offered to pay a less than expected amount The local currency ended at 1 130 7 won to the U S dollar down 8 4 won from Monday s close on possible government currency market intervention Yonhap Copyrights ? JoongangIlbo Joins com All rights reserved Korean stocks closed almost unchanged yesterday as local investors cashed in on recent gains to offset continued foreign buying analysts said The local currency lost ground against the U S dollar Ending a four day positive run the benchmark Kospi index shed only 0 35 points or 0 02 percent to 1 878 94 Trading volume was moderate at 332 8 million shares worth 6 2 trillion won $5 5 billion with winners outnumbering losers 421 to 390 Foreign investors the major buying force continued their buying spree extending their net purchasing streak for a 15th consecutive session despite substantial overnight losses on Wall Street Strong gains in financial and power shares were narrowly offset by broad based profit taking as investors took a breather after the recent bull run said Kwak Joong bo an analyst at Samsung Securities Chemicals led the decline Top chemicals maker LG Chem tumbled 2 47 percent to 316 500 won with OCI the top producer of solar power panel components also slumped 5 76 percent to 311 000 won Key domestic oriented companies continued to gain ground as investors shifted attention to banking and electricity firms which had benefitted less from the rally in big cap exporters Shinhan Financial Group the third biggest banking group by assets surged 2 57 percent to 47 850 while Woori Finance Holdings finished up 1 7 percent to 14 950 won Korea Exchange Bank fell 1 06 percent to 13 950 won on reports that ANZ Bank the likely buyer of a controlling stake in Korea Exchange Bank offered to pay a less than expected amount The local currency ended at 1 130 7 won to the U S dollar down 8 4 won from Monday s close on possible government currency market intervention Yonhap Copyrights ? JoongangIlbo Joins com All rights reserved

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