An electronic signboard at Hana Bank in Seoul shows that the Korea Composite Stock Price Index (KOSPI) topped the landmark 5,500-point mark on Thursday. Photo by Yonhap
South Korean stocks surpassed the landmark 5,500-point mark for the first time in history Thursday, boosted by sharp gains in blue-chip tech shares. The local currency gained ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) surged 167.78 points, or 3.13 percent, to close at an all-time high of 5,522.27.
This marked the first time the KOSPI breached the 5,500-point threshold.
Trade volume was heavy at 739.2 million shares worth 31.8 trillion won (US$22 billion), with winners outnumbering losers 616 to 272.
Foreigners and institutions scooped up a net 3 trillion won and 1.37 trillion won, respectively, while retail investors sold a combined 4.45 trillion won for profit-taking.
“The KOSPI’s feat came despite the mixed performance of global stock markets amid uncertainties deriving from the planned replacement of the Federal Reserve chief and the release of the U.S. jobs report,” Lee Kyoung-min, an analyst at Daishin Securities, said.
“The KOSPI digested the uncertainties to move upwards based on the fundamentals of the market, with big-cap shares gaining ground,” he added.
Overnight, major U.S. indexes closed slightly lower as investors showed a mixed reaction to the stronger-than-expected U.S. jobs report, which raised hopes the U.S. economy would remain solid, and at the same time, concerns the Federal Reserve may keep its interest rates unchanged.
Lee said semiconductor and financial shares led Thursday’s rally, with secondary battery and the food and beverage sectors, which had been lagging behind recently, also showing a strong performance.
Semiconductor heavyweight Samsung Electronics shot up 6.44 percent to 178,600 won and its rival SK hynix soared 3.26 percent to 888,000 won. Hanmi Semiconductor skyrocketed 9.97 percent to 209,500 won.
Leading battery maker LG Energy Solution surged 4.59 percent to 410,000 won, and artificial intelligence investment firm SK Square jumped 7.14 percent to 570,000 won.
KB Financial climbed 2.43 percent to 168,500 won and Shinhan Financial escalated 5.05 percent to 106,000 won.
But automakers were mixed, with Hyundai Motor losing 0.59 percent to 506,000 won, while Kia rose 2.78 percent to 166,300 won.
Home appliances maker LG Electronics tumbled 5.08 percent to 121,400 won following a rally the previous day.
The Korean won was quoted at 1,440.2 won against the U.S. dollar at 3:30 p.m., up 9.9 won from the previous session.
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