S.Korea stocks hover near record high, won flat

Amorepacific

23/06/2017 03:28

* Cosmetics, auto shares gain on President Moon's comments 
    * Strong 2Q corporate earnings supporting KOSPI - analyst 
 
    SEOUL, June 23 (Reuters) - South Korean shares steadied 
early on Friday, trading near   record highs as expectations for 
strong second quarter corporate earnings supported the benchmark 
stock index. 
    The Korea Composite Stock Price Index (KOSPI)  .KS11  was up 
0.07 percent at 2,372.04 points as of 0202 GMT, set to close the 
week near the 2,387.29 all-time high on June 14.     
    "It's a relatively quiet day but investors are expecting 
some strong second quarter corporate earnings especially from 
the IT sector, which will continue to support the KOSPI," said 
Kim Yoon-seo, an analyst at KTB Investment & Securities.  
    "Sector-wise, cosmetic and auto shares are rising after 
President Moon Jae-in said he will address the China boycotts 
issue," Kim said. 
    In an interview with Reuters, President Moon said he would 
ask China's President Xi Jinping to lift measures against South 
Korean companies taken in retaliation against Seoul's decision 
to host a U.S. anti-missile defence system.  urn:newsml:reuters.com:*:nL3N1JJ5RY 
    South Korean companies with large exposures in China reacted 
positively to his comments. 
    As of 0155 GMT, cosmetics maker Kolmar Holdings  024720.KS  
was up 3.95 percent, while Amorepacific Corp  090430.KS  and 
Hankook Cosmetic rose 2.11 percent and 3.04 percent, 
respectively.  
    Hyundai Motor  005380.KS  edged up 1.55 percent, and Kia 
Motors  000270.KS  gained 1.31 percent.  
    Institutional investors purchased a net 50.5 billion Korean 
won ($44.3 million) worth of KOSPI shares near mid-session, 
buttressing the index.  
    Advancers outnumbered decliners 499 to 282.   
    The South Korean won  KRW=  remained flat at 1,140.9 to the 
dollar, unchanged from Thursday's close.  
     
                       0202 GMT    Prev close 
 Dollar/won             1,140.9       1,140.9 
 Yen/won                10.2461       10.2236 
 *KTB futures            109.33        109.36 
 KOSPI                 2,372.04      2,370.37 
 * Front-month futures on three-year treasury bonds 
  ($1 = 1,140.4000 won) 
 
 (Reporting by Cynthia Kim; Editing by Jacqueline Wong) 
 ((Cynthia.Kim@thomsonreuters.com; 822 3704 5654; Reuters 
Messaging: cynthia.kim.thomsonreuters.com@reuters.net)) 
 
Keywords: SOUTHKOREA MARKETS/MIDDAY