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Kospi hits another record of 2,414.63

July 15,2017
Seoul’s main bourse closed at yet another record-breaking level Friday on gains by chemical and financial shares, analysts said. The Korean won gained against the U.S. dollar.

The benchmark Kospi closed at 2,414.63, up 5.14 points, or 0.21 percent, from the previous trading day.

Institutional investors bought 30.1 billion won in shares. Retail investors, on the other hand, sold 49.8 billion won ($43.9 million) worth and foreign investors offloaded 9.3 billion won in shares.

Seoul shares extended their gains as investors remain optimistic about earnings by blue chip stocks, although tech shares lost ground as investors sought profits.

“IT shares still remain attractive both in terms of performances and industrial outlook,” said Lee Chang-mok, a researcher at NH Investment & Securities Co.

Market behemoth Samsung Electronics moved down 0.16 percent to 2,524,000 won, with its smaller rival LG Electronics also falling 2.39 percent to 69,500 won. LG Display decreased 2.04 percent to 35,950 won.

In contrast, No. 2 chipmaker SK Hynix closed at a fresh record high of 71,100 won, up 0.71 percent from the previous session.

Chemical shares closed bullish, with industry leader LG Chem moving up 1.43 percent to 318,500 won and top cosmetics maker AmorePacific increasing 1.9 percent to 294,500 won.

Financial stocks were also among gainers. KB Financial advanced 1.24 percent to 57,300 won.

Mobile carriers traded higher, with leading SK Telecom rising 2.14 percent to 263,000 won and No. 2 player KT edging up 1.54 percent to 33,000 won. LG U+, the smallest player, added 0.66 percent to 15,150 won.

Carmakers rebounded sharply, with Hyundai Motor moving up 3.36 percent to 154,000 won and Kia Motors advancing 1.08 percent. The local currency closed at 1,133.30 won against the U.S. dollar, up 3.00 won from the previous session’s close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasuries added 0.5 basis point at 1.750, and the return on the benchmark five-year government bond rose 0.7 basis point to 1.944 percent.

BY KIM YOUNG-NAM, YONHAP [kim.youngnam@joongang.co.kr]