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Biz News Korea(Eng)
Kospi records biggest gain in nearly 20 months
- Collected
- 2017.05.09
- Distributed
- 2017.05.10
- Source
- Go Direct
The benchmark Kospi closed Monday at 2292.76 points, up 51.52 points or 2.30 percent from the previous session. The market capitalization also hit a record high of 1,487.32 trillion won ($1.3 trillion).
Net buying of offshore investors reached 539.4 billion won and that of institutional investors amounted to 85.5 billion won. Thanks to their heated appetite, market heavyweight Samsung Electronics Co. surged 3.30 percent to a fresh record high of 2,351,000 won on Monday, keeping its upward momentum for the ninth trading day. Shares of SK Hynix finished at 56,900 won, up 1.79 percent.
On the other hand, retail investors went on a huge selling spree. Retail investors net sold 663.2 billion won worth Korean stocks on Monday. About 5.67 trillion won was pulled out from local stock investing fund from the beginning of the year to May 4, the biggest four-month loss amounting to one eighth of the total domestic stock fund worth 40 trillion won.
The main market’s buoyant mood was mainly led by Samsung Electronics and other electronics shares. The Korean tech giant accounts for 20 percent in the local main bourse, up 10.98 percent in 2011.
The secondary Kosdaq market gained 8.28 points or 1.30 percent from the previous session to finish at 643.39 points, marking a nearly four-month high since January 6 when it had closed at 643.68 points.
By Han Ye-kyung and Kim Hyo-hye
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]