Kospi ends over 2,800 for first time in 30 months on tech gains

Home > Business > Finance

Kospi ends over 2,800 for first time in 30 months on tech gains

Published: 20 Jun. 2024, 16:53

KIM JU-YEON
kim.juyeon2@joongang.co.kr

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,797.33 points on Thursday, up 1.21 percent, or 33.41 points, from the previous trading session. [NEWS1]

Shares ended higher for the third consecutive session as the main bourse exceeded 2,800 points for the first time in about two and a half years Thursday on tech gains, despite concerns over a possible delay of long-awaited U.S. interest rate cuts. The won fell in value against the dollar.

The Kospi rose 10.3 points, or 0.37 percent, to close at 2,807.63.

The closing index exceeded the 2,800 level for the first time since Jan. 24, 2022, when the comparable reading was 2,828.11.

Trade volume was heavy at 745.18 million shares worth 13.28 trillion won ($9.6 billion), with gainers outnumbering losers 496 to 369. Institutions and foreigners bought a combined 642 billion won worth of stocks, exceeding individuals' stock selling valued at 570 billion won.

U.S. stock markets were closed for Juneteenth on Wednesday to commemorate the end of slavery in the United States. The Fed recently pared back projections for rate cuts this year.

In Seoul, large-cap stocks were mixed across the board.

Samsung Electronics rose 0.5 percent to 81,600 won, SK hynix climbed 1.7 percent to 237,500 won, SK Innovation jumped 16 percent to 121,000 won and the state-run Korea Gas Corp. gained 14 percent to 63,500 won.

Shares in SK Innovation surged on news that it is considering merging with gas power generation affiliate SK E&S to strengthen its competitiveness.

Among decliners, Hyundai Motor fell 0.4 percent to 285,500 won, Korean Air declined 0.7 percent to 21,400 won, and Posco Holdings shed 0.5 percent to 371,000 won.

The local currency closed at 1,384.60 won against the greenback, up 2.8 won from the previous session's close.

Bond prices, which move inversely to yields, closed lower domestically. The yield on three-year government bonds rose 3.2 basis points to 3.195 percent, and the benchmark U.S. 10-year government bonds remained the same as U.S. stock markets were closed.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]