A financial data screen in the dealing room of Hana Bank in Seoul on Thursday shows the benchmark Kospi closing at a record high of 6,475.81. (Yonhap)
A financial data screen in the dealing room of Hana Bank in Seoul on Thursday shows the benchmark Kospi closing at a record high of 6,475.81. (Yonhap)

South Korea’s benchmark Kospi hit another record high on Thursday, marking a third consecutive session of fresh highs, buoyed by strong earnings.

The Kospi rose 0.9 percent to close at 6,475.81 points, extending its record streak to a third straight session since Tuesday.

During intraday trading, the index had surged to a fresh high of 6,557.76 as well, breaking above the 6,500 mark for the first time, before paring gains later in the session. It fell as low as 6,309.1, before recovering some losses by the close.

Retail investors net bought 451.4 billion won ($304.7 million) of shares, while foreign and institutional investors dumped 49.9 billion won and 329.6 billion won.

Shares of Samsung Electronics and SK hynix, the country’s two semiconductor heavyweights, reached record highs in both intraday and closing terms.

Samsung Electronics ended up 3.22 percent at 224,500 won after hitting an intraday record high of 229,500 won, while SK hynix rose 0.16 percent to close at 1,225,000 won after touching a session high of 1,267,000 won.

Earlier in the day, SK hynix reported its sales posted an all-time high of 52.6 trillion won in the January-March period, while its operating profit jumped 405 percent to 37.6 trillion won.

Shares of LG Energy Solution fell 3.72 percent, while Hyundai Motor dropped 1.66 percent.

The country's 1.7 percent first-quarter GDP growth, its fastest pace in over five years, also boosted investor sentiment. The figure far exceeded market projections.

"The gains were underpinned by export growth led by semiconductors and IT products, demonstrating the strength of South Korea’s economic fundamentals," said Lee Kyung-min, an analyst at Daishin Securities.


silverstar@heraldcorp.com