Kospi hits record for eighth straight day

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Kospi hits record for eighth straight day

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Korean stocks closed at a new record high on Monday, although some investors took profits after rallies last week, analysts said. The Korean won gained compared to the U.S. dollar.

The benchmark Kospi edged up 1.47 points, or 0.06 percent, to close at a record high of 2,451.53. Trading volume was low, however, at 230 million shares worth 4.56 trillion won ($4 billion), with losers outnumbering gainers 477 to 326.

It marked the eighth consecutive session in which the index closed at a fresh high.

Analysts said investors took a breather following the latest market rally and also took a wait-and-see stance on July’s gathering of the U.S. Federal Open Market Committee (FOMC).

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“The burden of an overheated market will be abated through a short-term correction,” said Kim Byung-yeon, a researcher at NH Investment & Securities.

Foreigners sold a net 166.3 billion won, while institutions bought a net 143.6 billion won. Retail investors bought a net 19.7 billion won.

Market behemoth Samsung Electronics shed 0.43 percent to close at 2,543,000 won, and LG Display lost 2.78 percent to close at 33,250 won. No. 2 home appliance maker LG Electronics fell 1.03 percent to 67,500 won.

Carmakers also closed lower, with No. 1 player Hyundai Motor falling 1.69 percent to 145,000 won and its sister Kia Motors stepping down 0.14 percent to 36,500 won. Top auto parts maker Hyundai Mobis edged up 0.21 percent to 244,000 won.

Financial shares closed higher on improved earnings outlooks. KB Financial increased 0.67 percent to 60,200 won and Shinhan Financial moved up 0.57 percent to 52,600 won.

The local currency closed at 1,114.00 won against the U.S. dollar, up 4.20 won from the previous session’s close.

The secondary Kosdaq market on Monday closed at 677.32, up 0.72 points or 0.11 percent from the previous day’s close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasuries fell 0.1 basis point at 1.720, and the return on the benchmark five-year government bond shed 0.3 basis points to 1.914 percent.


BY KIM JEE-HEE, YONHAP [kim.jeehee@joongang.co.kr]
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