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Kospi closes above 2,500 level for the first time

Oct 31,2017
Seoul’s main bourse reached a new record high Monday as investors scooped up local tech shares.

The benchmark Kospi rose 5.30 points, or 0.21 percent, to close at 2,501.93 on Monday.

This is the first time in history that the index closed above the 2,500-mark. The milestone comes 10 years and three months after it first pushed above the 2,000-mark in July 2007.

Analysts said investors’ sentiment was boosted by strong gains from U.S. technology companies.

“The U.S. gains seen last Friday - improved earnings and economic indicators as well - had a positive impact on the South Korean market,” said Seo Sang-young, a researcher at Kiwoom Securities Co.

Foreign and retail investors were main buyers of local stocks Monday, scooping up 281.8 billion won ($250.5 million) and 259.8 billion won in shares respectively. Institutional investors offloaded 521.2 billion won.

By sector, electrical and electronics shares rose 1.8 percent.

Leading tech shares were in positive terrain on Monday.

Market bellwether Samsung Electronics advanced 1.81 percent on Monday to close at 2,702,000 won. Second-largest chipmaker SK Hynix closed at 79,800 won, up 1.79 percent compared to the previous session. LG Electronics gained 2.16 percent to 94,800 won.

SK Innovation, the top oil-refiner in Korea, increased 1.46 percent to 209,000 won on Monday. S-Oil inched up 0.39 percent to 130,000 won.

Automobile shares showed mixed movements.

Kia Motors, the second-leading automobile company in Korea, nudged up 0.44 percent to 34,550 won.

Top automotive company Hyundai Motor, however, fell 1.58 percent to 156,000 won. Affiliate and parts maker Hyundai Mobis inched down 0.59 percent to 254,000 won.

Portal giant Naver shed 0.34 percent to 876,000 won. Netmarble Games, a leading mobile game publisher, tumbled 3.94 percent to 170,500 won.

LG Chem, the top battery producer here, remained fixed at 405,500 won.

The secondary Kosdaq closed at 689.68, down 0.29 points, or 0.04 percent, from the previous session.

The local currency closed at 1,124.60 won against the U.S. dollar, up 5.9 won from the previous session’s close.

Bond prices, which move inversely to yields, ended higher. The yield on three-year Treasuries shed three basis points at 2.14 percent.

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