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Kospi hits near-6-year high

March 21, 2017 - 18:11 By Park Ga-young
South Korea’s main stock index hit a high not seen in nearly six years Tuesday, hoisted by gains in most large-cap stocks.

The benchmark Korea Composite Stock Price Index closed up 21.37 points, or 0.99 percent, to 2,178.38 points Tuesday. It was the highest closing since July 8, 2011 with 2,180.35 points. 
South Korea‘s main bourse Kospi rose 0.99 percent to close at 2,178.38 points Tuesday, a record high closing since July 8, 2011. (KRX)

During intraday trading, the Kospi touched as high as 2,180.99 points, the first time since April 2015 that the Kospi traded above 2,170 points.

Foreign investors turned net-sellers on Monday after 10 straight days of net-buying, but they bought a net 358 billion won Tuesday while institutional and individual investors remained net-sellers.

The main bourse has continued a winning streak, aside from Monday, since the Constitutional Court upheld the impeachment of former President Park Geun-hye on March 10. Park appeared before the prosecution’s office Tuesday to be grilled as a criminal suspect over the corruption scandal.

Also on Tuesday, upbeat exports data boosted investors’ sentiment. The country’s exports jumped 14.8 percent in the first 20 days of March from a year ago, continuing their upbeat trend for five consecutive months, customs data showed.

Most large caps traded higher, with market kingpin Samsung Electronics adding 1.58 percent to hit a fresh record high of 2,128,000 won ($1,900).

Hyundai Motor jumped 8.63 percent at close to 170,000 won on hopes that its parent group will restructure its ownership amid market speculation that US activist hedge fund Elliott Management may have bought a stake in the automaker. With Tuesday’s increase, the top automaker has reclaimed the second-largest cap on the Kospi.

The secondary, tech-heavy Kosdaq inched up 0.1 percent to 609.73 points Tuesday.

By Park Ga-young (