SEOUL, May 28: Seoul shares traded within a narrow range on Tuesday as activity remained subdued with investors awaiting direction from U.S. And U.K. Markets when they resume trade after holidays on Monday.
‘Boxed-range trade will continue much of today. However we are increasingly seeing positive signs that money is changing direction from developed markets to emerging markets,’ said Lawrence Kim, a market analyst at Woori Investment & Securities.
The Korea Composite Stock Price Index was up 0.11 percent at 1,982.19 points as of 0132 GMT.
Shares in companies with factories in the Kaesong industrial zone rallied after North Korea’s state news agency said on Tuesday the communist state was prepared to open talks to normalise operation in the border complex.
Shares in Romanson rose 5.3 percent and Shinwon gained 1.8 percent.
Telecommunication and domestic consumption sector plays outperformed as investors favoured defensive trades.
Shares in SK Telecom, South Korea’s top wireless carrier, rose 0.9 percent and LG Uplus, the country’s third-biggest, advanced 1.3 percent.
Lottefood, the food processor, climbed 2 percent and KT&G, the tobacco-to-ginseng company, was up 0.9 percent.
Automakers and technology exporters gave up opening gains as the Japanese yen was seen slipping early on Tuesday, raising investor concerns over the competitive position of South Korean exporters that vie closely with Japanese counterparts.
Hyundai Motor shares were flat and Kia Motors fell 0.5 percent. LG Electronics shares lost 0.9 percent.
Foreign investors were sellers of a net 8.4 billion Korean won ($7.5 million) of stocks, while South Korean institutions were buyers of a net 110 million won of shares.
The KOSPI 200 benchmark of core stocks was up 0.3 percent, while the junior KOSDAQ edged 0.9 percent higher.
($1 = 1122.3250 Korean won)
(agencies)
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