Benchmark extends gain and tops 6,400-point mark on earnings optimism
The benchmark Kospi hit a fresh high for the second consecutive day on Wednesday, as expectations for strong corporate earnings outweighed lingering geopolitical uncertainties in the Middle East.
The Kospi rose 0.46 percent to close at a record 6,417.93. The index opened 0.01 percent lower but quickly crossed the 6,400 mark for the first time. After trading in negative territory, it reversed course in the afternoon, breaking the 6,400 mark for the first time on a closing basis. During the session, it climbed to a high of 6,423.29, extending its record-setting streak.
Retail investors led the rally, buying a net 1.24 trillion won ($840 million), while foreign and institutional investors sold 674.9 billion won and 448.5 billion won, respectively.
Blue-chip stocks showed mixed performance. Shares of Samsung Electronics and SK hynix — the country’s two largest firms by market capitalization — fell 0.68 percent and 0.08 percent to close at 217,500 won and 1,223,000 won, respectively, after hitting fresh intraday highs.
SK hynix shares surged earlier in the session on expectations that the company will post a record operating profit exceeding 40 trillion won on Thursday.
LG Energy Solution maintained its No. 3 spot by market capitalization, rising 1.36 percent to 484,500 won per share, while Hyundai Motor's shares slipped 0.92 percent to 541,000 won.
The tech-heavy Kosdaq gained 0.18 percent to close at 1,181.12, extending its rally to a ninth consecutive session since April 10.
The Korean won weakened against the US dollar, closing at 1,476 won, down 7.5 won from the previous session.
silverstar@heraldcorp.com
