Kospi closes at another record-high numberRetail and institutional investors helped push Korea’s primary stock market to another record-high close, analysts said.
The Kospi climbed 10.77 points, or 0.7 percent, to 1,593.42.
“The market rebounded after a choppy session, as institutions and retail investors bought shares hoping to get into the record increases in the Asian markets,” said Kim Jung-hyun, an analyst at Goodmorning Shinhan Securities.
Steel shares continued to rally. Posco increased 1 percent to 410,000 won ($444) after a global ratings agency, Fitch Ratings, affirmed the steel maker’s A- financial rating. Hyundai Steel added 3.8 percent.
After three consecutive down sessions, financial industry shares returned to the black. Kookmin Bank rose 0.9 percent and Shinhan Financial Group jumped 2.4 percent.
Profit-taking knocked shipbuilder stocks down after a four-day rally. Global industry leader Hyundai Heavy Industries lost 1.6 percent and its affiliate, Hyundai Mipo Dockyard, shed 0.9 percent. Daewoo Shipbuilding & Marine Engineering, meanwhile, continued its three-day rally on news that it signed a contract to supply oil tankers.
Samsung Electronics fell 0.3 percent, as the tech industry saw a two-day decrease. Chip giant Hynix Semiconductor lost 0.5 percent. LG.Philips, however, saw its fourth consecutive increase, adding more than 0.2 percent in yesterday’s session.
Hyundai Motor shed 0.5 percent while its smaller affiliate, Kia Motors, lost 0.9 percent.
Volume was moderate at 353.39 million shares worth 4.2 trillion won, with gainers outpacing losers 444 to 309.
The junior Kosdaq came back from yesterday’s fall, closing at 701.50, a gain of 3.25 points, or 0.5 percent. More than 539 million shares worth 1.9 trillion won changed hands, with 469 losers outnumbering 437 gainers.
By Hwang Young-jin Staff Writer [firstname.lastname@example.org]