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S.Korea stocks hover near record high, won flat
June 23, 2017 / 2:32 AM / 3 months ago

S.Korea stocks hover near record high, won flat

    * 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)         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.             
    South Korean companies with large exposures in China reacted
positively to his comments.
    As of 0155 GMT, cosmetics maker Kolmar Holdings            
was up 3.95 percent, while Amorepacific Corp             and
Hankook Cosmetic rose 2.11 percent and 3.04 percent,
respectively. 
    Hyundai Motor             edged up 1.55 percent, and Kia
Motors             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        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)
  

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