An electronic signboard at Hana Bank in Seoul shows the Korea Composite Stock Price Index (KOSPI) topping the landmark 5,500-point mark, Thursday. Yonhap
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 ($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.
Source: Korea Times News
