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Bourse’s bull run is not running out of steam

Jan 30,2018
Seoul’s main bourse Kospi ended at an all-time high on Monday of 2,598.19, after breaking the 2,600 threshold for the first time in history. The secondary tech-centered Kosdaq rose by 1.53 percent to 927.05 percent on a four-day rally.

The benchmark Kospi rose 23.43 points, or 0.91 percent, to close at 2,598.19 on the back of strong U.S. stock markets, with improved performances by U.S. companies. A strong global economic outlook also led institutional and foreign investors to scoop up local shares on three consecutive trading days, contributing to the record-high closing for the Kospi.

Trade volume was moderate at 433 million shares worth 7.8 trillion won ($7.32 billion).

The Kospi briefly broke the 2,600-point mark for the first time. The index reached as high as 2,604.06 at one point.

Lee Kyong-min, an analyst at Daishin Securities, expects the current bullish run of local stocks to continue for the time being, helped by technology and financial stocks.

Samsung Electronics rose 0.87 percent to end at 2,561,000 won, while SK Hynix, a global chipmaker, edged down 0.26 percent to 75,300 won.

Naver, the operator of the country’s top internet portal, climbed 0.54 percent to 932,000 won. Kakao, the operator of the country’s dominant smartphone chat app, slipped 0.71 percent to 139,000 won.

Leading game publisher NCSOFT inched down 0.11 percent to close at 449,000 won. Its rival Netmarble Games saw its share value down by 1.99 percent to 172,000 won.

Automakers traded in positive terrain, with industry leader Hyundai Motor up 1.31 percent to 154,500 won, and its smaller affiliate Kia Motors gaining 1.19 percent to 33,900 won.

Auto parts maker Hyundai Mobis climbed 1.42 percent to 249,500 won.

Shares of pharmaceutical companies gained ground, with Samsung BioLogics, a biopharmaceutical affiliate of Samsung Group, up 5.14 percent to end at 439,500 won.

The secondary Kosdaq rose consecutively for the fifth session, closing Monday at 927.05, up 13.93 points or 1.53 percent from Friday, boosted by strong performances by pharmaceutical and IT companies and semiconductor chip makers.

Celltrion advanced 9.43 percent to 328,300 won.

The local currency closed at 1,065.60 won against the U.S. dollar, down 1.7 won from the previous session’s close.

The yield on three-year bonds added 5.9 basis points to 2.28 percent, and the return on the 10-year bond rose 4.5 basis points to 2.66 percent.

BY KANG JIN-KYU, YONHAP [kang.jinkyu@joongang.co.kr]