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Kospi hits second record in second day

June 28,2017
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Korean stocks closed at an all-time high Tuesday for a second straight session, helped by buying by retail investors. The Korean won rose against the U.S. dollar.

The benchmark Kospi climbed 3.29 points, or 0.14 percent, to close at 2,391.95. Trade volume was moderate at 289 million shares worth 5.2 trillion won ($4.5 billion).

The local stock market opened lower on profit-taking but turned positive on the back of retail investors’ buying. Individual investors bought a net 221.3 billion won worth of stocks throughout the trading session.

Some investors took to the sidelines ahead of a speech by Federal Reserve Chair Janet Yellen later in the day. Yellen is set to deliver a speech in London on global economic issues.

Kim Dae-jun, a senior researcher at Hankook Investment & Securities, said individual investors have poured money into technology stocks such as Samsung Electronics and SK Hynix, on expectations of healthier second-quarter earnings.

Samsung Electronics rose 0.04 percent to end at 2,415,000 won, and SK Hynix, a global chipmaker, gained 2.52 percent to 69,200 won.

Naver, the operator of the country’s top Internet portal, shed 2.14 percent to reach 869,000 won.

Steelmaker Posco grew 0.92 percent to 275,000 won and mobile carrier SK Telecom increased 2.33 percent to 264,000 won.

Automakers traded in negative terrain, with industry leader Hyundai Motor down 2.13 percent to 160,500 won and its smaller affiliate Kia Motors dipping 1.68 percent to 38,000 won. Auto parts affiliate Hyundai Mobis inched down 0.78 percent to 253,500 won.

Korea Electric Power Corporation declined 1.42 percent to 41,550 won and tobacco maker KT&G fell 2.11 percent to 116,000 won.

The local currency closed at 1,136.90 won against the U.S. dollar, up 0.2 won from the previous session’s close.

The tech-heavy Kosdaq market closed at 672.63 on Tuesday, up 4.27 points or 0.64 percent from the previous day.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasuries fell 0.5 basis point to 1.681 percent.

BY KIM JEE-HEE, YONHAP [kim.jeehee@joongang.co.kr]