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Kospi bounces back to set new record

June 30,2017
Seoul’s main bourse reached a fresh high on Thursday, helped by gains in large-cap stocks amid optimism on global economic growth.

The benchmark Kospi closed at 2,395.66 Thursday, up 13.10 points, or 0.55 percent, from the previous closing. While in session, the index went up to 2,402.80, a record intraday high.

Foreign investors were the main buyers on Thursday, scooping up 100.1 billion won ($87.9 million) in shares. Institutional investors also net bought 20 billion won. Retail investors, on the other hand, offloaded 166.4 billion won in Korean stocks.

By sector, securities rose 3.6 percent. Construction, banking and insurance each gained 2.0 percent.

Market bellwether Samsung Electronics rose 0.50 percent to close at 2,397,000 won. Chipmaker SK Hynix also increased 1.93 percent to 68,500 won. State-run energy company Korea Electric Power Corporation inched up 0.12 percent to 40,850 won.

Top carmaker Hyundai Motor pushed up 0.63 percent to 161,000 won. Sister company Kia Motors also gained 0.79 percent to 38,150 while affiliate auto part maker Hyundai Mobis nudged up 0.20 percent to 255,000 won.

On the other hand, portal giant and top search engine Naver slipped 0.93 percent to 853,000 won. Telecommunication provider SK Telecom tumbled 1.69 percent to 261,500 won.

The secondary Kosdaq also closed higher at 668.0 on Thursday, up 2.11 points, or 0.32 percent. The index started out above 670, tracking overnight gains from the Nasdaq.

While top market cap Celltrion went down 0.79 percent to 113,100 won, other shares near the top of the index showed positive movement.

Kakao, the operator of Korea’s most popular messenger app, rose 0.69 percent to 101,500 won. Pharmaceutical companies Medytox and Komipharm each advanced 2.19 percent and 1.42 percent to close at 555,500 won and 35,600 won.

The local currency closed at 1,141.10 won against the U.S. dollar, up 2.9 won from Wednesday.

The yield on three-year government bonds fell one basis point to 1.70 percent and the return on the 10-year bond added one basis point to 2.18 percent.

BY CHOI HYUNG-JO, YONHAP [choi.hyungjo@joongang.co.kr]