Seoul: Seoul shares extended their rally to a fourth day, reaching a new record high driven by a surge in technology and automobile stocks. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 25.58 points, or 0.57 percent, to close at an unprecedented 4,551.06, after briefly surpassing the 4,600-point level during the session. Meanwhile, the Korean won experienced a decline against the U.S. dollar.
According to Yonhap News Agency, the KOSPI briefly touched an intraday peak of 4,611.72 points, with the previous day witnessing the index breaking through the 4,500-point mark on the back of technology gains, closing 1.52 percent higher at 4,525.48. Trading was robust with a volume of 548.38 million shares valued at 28.83 trillion won (US$19.9 billion), where losers outpaced gainers by a margin of 683 to 199. Foreign investors were net buyers, acquiring 1.25 trillion won worth of stocks, counterbalancing the net sales by institutions and individuals, which amounted to 938.95 billion won and 294.59 billion won, respectively.
Lee Jae-won, an analyst at Shinhan Securities Co., noted that the session's record gains were fueled by automobiles, semiconductors, and shipbuilding stocks, propelling the KOSPI to briefly exceed the 4,600-point mark and maintain its position above 4,500 for the second consecutive session. Technology and auto stocks spearheaded the advances, with Samsung Electronics increasing by 1.51 percent to 141,000 won, and SK hynix surging 2.2 percent to 742,000 won. Hyundai Motor, the top carmaker, saw a substantial rise of 13.8 percent to 350,500 won, while its affiliate Kia grew by 5.55 percent to 129,300 won. The automakers' stocks were buoyed following Boston Dynamics, a Hyundai subsidiary, showcasing its humanoid robot Atlas at the CES tech show.
On the other hand, leading shipbuilder HD Hyundai Heavy Industries advanced by 1.27 percent to 557,000 won, benefiting from a series of high-end ship orders. However, some stocks faced declines, including Korean Air, which fell by 1.78 percent to 22,100 won, and Korea Electric Power Corp., which also decreased 1.78 percent to 49,600 won. SK Innovation, a major refiner, dropped 3.77 percent to 102,000 won, while battery manufacturer LG Energy Solution declined 1.98 percent to 370,500 won.
The local currency was quoted at 1,445.80 won against the U.S. dollar by the afternoon, marking a slight decrease of 0.3 won from the previous session. In the bond market, prices rose with the yield on three-year Treasurys falling 3.8 basis points to 2.910 percent, and the five-year government bonds yield declining 5.9 basis points to 3.185 percent.