Stocks hit new high on Wall Street rally

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Stocks hit new high on Wall Street rally

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Seoul’s main bourse extended its winning streak to a fourth day to end at a new high Wednesday, taking a cue from overnight gains on Wall Street, analysts said.

On Wednesday, the benchmark Kospi reached an all-time high of 2,317.34, up 5.6 points, or 0.24 percent, from the previous trading day.

Institutions bought 75.1 billion won ($66.7 million) worth of stocks. Foreign investors, meanwhile, sold 83.6 billion won in shares as retail investors offloaded 35.6 billion won worth.

U.S. stocks extended their gains as investors kept an eye on President Donald Trump’s first full budget plan. The Dow Jones industrial average rose 0.48 percent, with the tech-heavy Nasdaq adding 0.18 percent.

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“The global stock market stayed in positive terrain despite the terrorist attack in Britain. The local stock market continued to move upward on renewed hope for the new government’s policies,” said Kim Yong-koo, a researcher at Hana Investment & Securities.

Analysts forecast the Kospi to keep an upward momentum but will stay in tight range as investors may stay cautious ahead of major events, such as the U.S. Federal Reserve’s policy meeting.

Top cap Samsung Electronics ended at 2,244,000 won, down 0.09 percent from the previous session’s close, as investors tried to cash in recent gains. Global chipmaker SK Hynix also rose, 1.27 percent to 55,800 won.

LG Electronics, meanwhile, gained 1.48 percent to 82,300 won to hit a fresh high.

Mobile carriers closed higher, with No. 1 player SK Telecom adding 2.44 percent to 252,000 won and the second-largest KT inching up 0.85 percent to 31,800 won.

Samsung BioLogics gained 2.04 percent to 200,000 won.

Auto shares closed in negative terrain, with leader Hyundai Motor shedding 3.53 percent to 164,000 won. Kia Motors was down 0.51 percent to 39,000 won.

The local currency closed at 1,126.80 won against the U.S. dollar, down 2.60 won from Tuesday’s close.

Bond prices ended lower. The yield on three-year Treasurys added 1.5 basis points to 1.691 percent and the return on the benchmark five-year government bonds jumped 2.2 basis points to 1.912 percent.


BY KIM YOUNG-NAM, YONHAP [kim.youngnam@joongang.co.kr]




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