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Kospi resumes record run in 2 weeks

The main bourse in South Korea resumed its record run in 11 trading days on Monday.

The benchmark Korea Composite Stock Market Index closed at 2,388.66, up 0.42 percent, or 10.06 points from Friday closing. The index hit the record-high after it closed at the previous record at 2,381.69 on June 9.

The Kospi inched close to the 2,400 mark by hitting its intraday high at 2,390.70 in the late afternoon trade.

Offshore investors purchased shares valued at 34.1 billion won ($30 million) in total, while the institutional investors sold stocks worth 111.9 billion won. Individual investors bought 21.4 billion won worth stocks. 

(The Korea Exchange)
(The Korea Exchange)
Losers outnumbered gainers 535 to 274, but tech juggernauts led the record rally.

Handset maker Samsung Electronics and chipmaker SK hynix, ranked No. 1 and No. 2 in market capitalization in the Kospi market, hit 52 week-high Monday. Samsung Electronics closed at 2,414,100 won Monday, up 1.39 percent from Friday. SK hynix ended at 67,500 won, up 3.85 percent from the previous trading day.

The rally came in line with Asian bull run, after crude oil prices stabilized on Friday from hitting record-low Wednesday. Japan‘s Nikkei ended 0.1 percent higher, and Shanghai closed up 0.9 percent.

US West Texas Intermediate rose to $43.01 a barrel Friday, two days after hitting 10-month low at $42.05. London Brent crude rose to $45.54 Friday from $44.35 on Wednesday, the lowest since November 2016.

Stocks of local refiners, however, saw drops. SK Innovation fell 0.95 percent, while S-Oil dropped 0.53 percent in Monday closing.

The local currency closed at 1,137.10 won against the dollar. It strengthened by 1.7 won from the previous session‘s close. 

By Son Ji-hyoung (consnow@heraldcorp.com)
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