Seoul shares edge up on pharmaceutical, retail gains

South Korean stocks rose marginally high on Tuesday, propped up by rallies in pharmaceutical and retail companies. The local currency lost against the greenback.

The benchmark Korea Composite Stock Price Index (KOSPI) added 2.25 points, or 0.11 percent, to end at 1,966.31. Trade volume was thin at 394.49 million shares worth 3.76 trillion won (US$3.21 billion), with winners beating losers 461 to 368.

The market started lower and moved in and out of positive terrain. Propping up the market are individual investors who picked up about 265 billion won worth of shares, while institutions and foreign investors remained net sellers.

“The mood remained subdued in the KOSPI market as investors locked in taking profits from gains prompted ahead of the ex-dividend date when shares lose the right to receive dividends,” said Kim Hyung-rae, a KDB Daewoo Securities analyst.

Large-cap shares ended mixed, with pharmaceutical companies leading the upward move.

No. 1 drug maker Hanmi Pharm jumped 14.46 percent to 736,000 won, while Green Cross gained 4.91 percent to 181,500 won. Furniture maker Hansem surged 6.73 percent to 238,000 won.

Banking and steel issues weighed on the market. The Industrial Bank of Korea shed 5.26 percent to 12,600 won, while steelmaker POSCO fell 3.69 percent to 169,500 won.

Telecom giant SK Telecom plunged 6.52 percent to 215,000 won following media reports over the SK Group chairman’s planned divorce with his long-estranged wife, which prompted uncertainty over its corporate governance.

The local currency ended at 1,169.6 won against the greenback, down 4.2 won from Monday’s close.