Korean Stocks Surge on Foreign Investor Buying

Korean stocks surged on Monday morning as foreign investors scooped up blue-chip tech and auto shares, driven by better-than-expected U.S. jobs data and optimism over ongoing trade negotiations between the U.S. and China. The Korea Composite Stock Price Index (KOSPI) jumped 1.72 percent to 2,860.3, with foreigners net purchasing 335.9 billion won ($250 million) worth of local shares. Market bellwethers such as Samsung Electronics and Hyundai Motor led the charge, with the latter's affiliate Hyundai Mobis soaring 10.04 percent.

Key Takeaways:

• Foreign investors purchased 335.9 billion won ($250 million) worth of Korean shares, driving the KOSPI index to a 1.72 percent gain.
• Samsung Electronics increased 2.2 percent, while its chipmaking rival SK hynix jumped 2.67 percent, as IT shares remained bullish.
• Hyundai Motor surged 4.22 percent, and its sister Kia advanced 2.36 percent, with Hyundai's auto parts-making affiliate, Hyundai Mobis, soaring 10.04 percent.
• Major battery maker LG Energy Solution lost 1.2 percent, while defense and shipbuilding firms Hanwha Aerospace and Hanwha Ocean dipped 2.65 percent and 3.08 percent, respectively.
• Hyundai Motor's auto parts-making affiliate, Hyundai Mobis, experienced significant gains, driven by optimism over the auto sector.

Statistics:

• KOSPI index: 2,860.3 (11:20 a.m.)
• KOSPI gain: 1.72 percent
• Foreign investor buying: 335.9 billion won ($250 million)
• Samsung Electronics gain: 2.2 percent
• Hyundai Motor gain: 4.22 percent
• Hyundai Mobis gain: 10.04 percent
• LG Energy Solution loss: 1.2 percent
• Hanwha Aerospace loss: 2.65 percent
• Hanwha Ocean loss: 3.08 percent
• Local currency (KRW) against the greenback: 1,358.3 won (11:20 a.m.)

Sources:

• [Bloomberg]
• [Reuters]
• [Yonhap News Agency]